Forecast: Biomass Consumption in Nigeria

Biomass consumption in Nigeria has seen fluctuations over the past decade, starting from a high of 70.02 in 2013 and peaking at 76.79 in 2017, with a gradual decline afterward. As of 2023, the value stood at 73.05, showing a marginal decline compared to previous years. Year-over-year variations reflect both modest increases and declines, with the last two years witnessing slight decreases of -0.53%. The Compound Annual Growth Rate (CAGR) for the past five years up to 2023 is -0.63%, indicating a gradual yet continuous decline in biomass consumption.

Future trends to watch for include:

• Further decreases in biomass consumption with a forecasted 5-year CAGR of -0.44%.
• Potential impacts of technological and policy changes aimed at reducing reliance on biomass and increasing alternative energy sources.
• Economic factors and population growth influencing energy consumption patterns.
• Environmental initiatives and global energy trends potentially affecting local biomass use.