The Nigeria Renewable Energy Market Report is Segmented by Type (Solar, Hydro, and Other Renewable Energy Sources). The Report Offers the Installed Capacity and Forecasts for the Nigerian Renewable Energy Market in GigaWatts (GW) for all the Above Segments.

Nigeria's solar energy capacity has grown in the last years, reaching 112 megawatts in 2023. This represented a substantial 2,700 percent increase from 2014, highlighting the country's commitment to expanding its renewable energy infrastructure. The rapid expansion of solar capacity aligns with broader efforts to diversify Nigeria's energy mix and reduce reliance on traditional power sources. Further developments are still needed in solar power generation The increase in solar capacity has translated into higher electricity generation from this renewable source. In 2023, Nigeria produced 50 gigawatt hours of electricity from solar power, maintaining the level achieved in the previous two years. This marked a significant progress from 2012 when solar energy contributed only 20 gigawatt hours to the country's electricity production. Despite this growth, solar power still lags behind hydropower, which generated over 9,200 gigawatt hours in 2022, making it Nigeria's largest renewable energy source. Renewable energy's role in Nigeria's power sector Renewable energy, including solar power, plays an increasingly important role in Nigeria's overall energy landscape. In 2023, renewables’ contribution to the country's total power generation stood at approximately 20.5 percent, slightly down from the previous year but still representing a significant portion. The share of renewables peaked in 2019 at 25.6 percent. As of 2023, Nigeria's total renewable energy capacity stood at 2.98 megawatts, showing modest growth from 2.12 megawatts in 2011. This indicates that while solar capacity has grown rapidly, there is still considerable potential for further expansion of renewable energy sources in Nigeria.

The Africa renewable energy market is segmented by type (Solar, Wind, Hydropower, and Others) and Geography (South Africa, Egypt, Nigeria, Morocco, Algeria, Ethiopia and Rest of Africa)

As of 2022, solar energy production in Nigeria amounted to 151 gigawatt hours, a considerable rise compared to the previous year. Since 2014, solar energy generation in the country has steadily increased.

The Nigerian Power Market Report is Segmented by Power Generation From Sources (Thermal, Renewable, and Other Power Generation Sources) and Transmission and Distribution (T&D)). The Report Offers the Market Size and Forecasts in Revenue (USD) for all the Above Segments.

Battery Electric Vehicles (BEVs): Offer zero tailpipe emissions, superior range, and efficiency but come with a higher upfront cost. Plug-In Hybrid Electric Vehicles (PHEVs): Combine a gasoline engine with an electric motor, reducing tailpipe emissions but providing a limited electric-only range. Hybrid Electric Vehicles (HEVs): Pair a gasoline engine with an electric motor to improve fuel efficiency compared to gasoline-only vehicles, but with less environmental impact than other EV types. Recent developments include: Daiichi Koutsu Sangyo Co., Ltd. (DKS), Mitsubishi Auto Leasing Corporation (MAL), and Mitsubishi Corporation (MC) are delighted to declare the commencement of operations for a taxi enterprise of the next generation in the Fukuoka Prefecture of Japan, effective July 2023. Operating predominantly from the Moji and Mojiko dispatch centers of Kitakyushu Daiichi Koutsu (KDK), a subsidiary of DKS, this novel transportation enterprise will implement an energy-management system, substantial fleets of electric vehicles, and solar-powered equipment., Developed with the intention of enhancing local transportation services and reducing carbon emissions in the taxi industry. An imperative exists to electrify the taxi fleet in Japan, motivated in part by the limited availability of service stations capable of supplying liquefied petroleum gas required to power the existing vehicles and in addition by the government's target of reducing CO2 emissions from the transportation sector by 35% by 2030, relative to levels recorded in 2013. The transportation sector in Nigeria is accountable for approximately 24% of annual in-scope carbon emissions as of July 2023. A further 72 percent of these emissions are produced by passenger vehicles. As the price of petroleum approaches all-time highs, the escalating cost of transportation is beginning to burden commuters. As an illustration, the average commuter in Nigeria expends as much as 40% of their earnings on transportation. Electric vehicles and buses provide an improved and more environmentally sustainable substitute., Possible EVS, an organization dedicated to sustainable mobility and technological advancements in Nigeria, declares the inaugural electric vehicle taxi service, EV Taxi, a significant stride in the direction of environmentally conscious transportation. The company endeavors to revolutionize public transportation in Nigeria by deploying a minimum of 20,000 electric taxis throughout key Nigerian cities by 2028, from an initial fleet of 30 units. E-taxis will support the nation's objective of attaining net zero emissions by 2060, offer Nigerians a sustainable mode of transportation, and contribute to the international effort to combat climate change..