Forecast: Share of Renewable Electricity Generation in Nigeria

The share of renewable electricity generation in Nigeria has been in a consistent decline from 2013 with a value of 18.44% to 2023 where it stands at 11.06%. Over these years, we observe a year-on-year decrease ranging from -4.6% to -7.58%, reflecting a continuous shift away from renewable sources. The Compound Annual Growth Rate (CAGR) over the last five years from 2019 to 2023 is -6.02%, further illustrating this downward trend.

Looking ahead, the forecasted data indicates that this declining trend will likely continue, with the share of renewable electricity expected to fall to 7.02% by 2028. The forecasted CAGR over the next five years is -7.22%, suggesting an accelerated decline.

Future trends to watch for include:

• Potential policies or initiatives aimed at reversing this decline and promoting renewable energy adoption.
• Technological advancements that might make renewable energy more viable and cost-effective.
• Changes in energy demand patterns and their impact on renewable energy share.