The Nigeria Renewable Energy Market Report is Segmented by Technology (Solar Energy, Wind Energy, Hydropower, Bioenergy, Geothermal, and Ocean Energy) and End-User (Utilities, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

The size of the Nigeria Renewable Energy Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 9.88% during the forecast period. Recent developments include: March 2024: The Nigerian government's sovereign fund was declared to construct a solar power plant with 20 MW capacity. The project is the first phase of a 300 MW solar program that is likely to diversify the energy mix and reduce carbon emissions in Nigeria., December 2023: The Energy Commission of Nigeria (ECN) signed an agreement with the Global Wind Energy Council (GWEC) and the country's State Government to establish wind energy projects in Nigeria. Such developments are anticipated to help the Nigerian renewable energy market grow between 2024 and 2029.. Key drivers for this market are: 4., Favorable Government Policies are Expected to Promote Renewable Energy Generation 4.; Advancements in Renewable Energy Technologies. Potential restraints include: 4., Increasing Penetration of Natural Gas for Power Generation. Notable trends are: Hydro Power Generation is Expected to Dominate the Market.

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)

The size of the Nigeria Solar EPC Market market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.00">> 4.00% during the forecast period. Recent developments include: February 2023: GE Gas Power, an American energy company, revealed plans to invest in power assets that will add nearly 500 megawatts (MW) to Nigeria's national electricity grid by the second quarter of 2023. The 240 MW Afam III power plant in Port Harcourt, the 50 MW Maiduguri project with the Nigerian National Petroleum Company Limited (NNPC), and another 50 MW project for the Dangote Group to serve its cement and refinery plants are among them, according to the company., December 2022: The Federal Government of Nigeria announced that 11 hydropower projects with a total capacity of 3,750 MW of electricity had been initiated and that work was currently ongoing at the various project sites.. Key drivers for this market are: 4., High Power Demand due to the Growing Population4.; Upcoming Power Generation Projects. Potential restraints include: 4., The New Government's Intentions to Reduce Private Investments. Notable trends are: Thermal Power to Dominate the Market.

As of 2023, renewable energy accounted for nearly ** percent of the total electricity capacity in Nigeria. The share experienced a steep decrease between 2016 and 2022. On the contrary, the total renewable energy capacity in Africa has been keeping an upward trend.

The Market Report Covers Renewable Energy Companies in West Africa and is Segmented by Type (Hydro, Solar, Wind, and Others) and Geography (Nigeria, Ghana, and Others). The market size and forecasts are provided in installed capacity (GW).

Nigeria Power Market size was valued at USD 11.53 Billion in 2023 and is projected to reach USD 22.8 Billion by 2031 growing at a CAGR of 8.93% from 2024 to 2031.

Key Market Drivers:

Rapid Population Expansion and Urbanization: Nigeria's rapidly rising population, with an annual urban growth rate of 4.1% according to the World Bank, drives up electricity demand. As of 2022, more than 52% of Nigerians live in cities, with cities like Lagos demanding 6,000MW of power per day for its 20 million population, emphasizing the need for infrastructural upgrades.

The share of renewable energy in the total final energy consumption in Nigeria was forecast to continuously decrease between 2024 and 2029 by in total *** percentage points. After the thirteenth consecutive decreasing year, the share of renewable energy is estimated to reach ***** percent and therefore a new minimum in 2029. According to Worldbank the renewable energey TFEC share refers to the share of renewable energy in the total final energy consumption.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to *** countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the share of renewable energy in the total final energy consumption in countries like Ivory Coast and Ghana.

The global renewable energy market size is projected to grow from USD 1101.27 billion in 2025 to USD 2271.2 billion by 2033, exhibiting a CAGR of 9.47%.
Report Scope:

Nigeria Renewable Energy Market size was valued at USD 3.13 Gigawatt in 2024 and is expected to reach USD 6.70 Gigawatt by 2032, growing at a CAGR of 10% from 2026 to 2032.

Nigeria Renewable Energy Market: Definition/ Overview

Renewable energy refers to energy derived from natural sources that are constantly replenished and virtually inexhaustible. These include sunlight, wind, rain, tides, waves, and geothermal heat, all of which provide clean, sustainable alternatives to traditional fossil fuels like coal, oil, and natural gas, which are finite and take millions of years to form. As the global demand for energy grows, renewable sources are playing an increasingly pivotal role in the transition to a more sustainable energy future.

Technological advancements, along with declining production costs, have made renewable energy more accessible and economically viable. Solar, wind, and hydropower technologies are now more cost-competitive, encouraging widespread adoption across industries and residential sectors. The continued innovation and scaling of renewable technologies promise a cleaner, more resilient energy system, driving both environmental and economic benefits worldwide.

The West African solar energy market, encompassing Nigeria, Ghana, and other nations, presents a significant growth opportunity. While precise figures for market size in 2025 are unavailable, a CAGR of 2.00% from a base year of 2025 suggests a steadily expanding market. Considering the substantial energy demand and limited grid infrastructure across the region, coupled with increasing governmental support for renewable energy initiatives and declining solar technology costs, this growth trajectory is expected to continue through 2033. Key drivers include rising electricity prices, increasing awareness of environmental sustainability, and supportive government policies promoting renewable energy adoption. These policies often include tax incentives, subsidies, and streamlined permitting processes. However, challenges remain, including inconsistent regulatory frameworks across different countries, limited access to financing, and the need for robust grid infrastructure to effectively integrate solar energy. The market is segmented by technology type (hydro, solar, wind, others) and geography. Solar energy is a major component of this market. Leading companies involved include Power Construction Corporation of China, Energicity Corp, Wärtsilä Oyj Abp, China Civil Engineering Construction Corporation, and REDAVIA GmbH, indicating substantial international interest and investment. Future growth will likely be driven by large-scale solar projects, coupled with increasing adoption of off-grid and mini-grid solar solutions to electrify rural communities. The segmental breakdown reveals a dominance of solar power, driven by its cost-effectiveness and adaptability to decentralized applications. Nigeria and Ghana represent the largest national markets within the region, benefiting from high solar irradiance and significant energy deficits. However, opportunities exist across the entire region, with potential for significant growth in less-developed countries as infrastructure improves and renewable energy adoption accelerates. The forecast period (2025-2033) will likely witness a gradual shift towards larger-scale solar power plants and a greater focus on energy storage solutions to address the intermittency inherent to solar energy generation. Continued investment in research and development, along with effective policy support, will be crucial in ensuring sustained growth and widespread access to clean, affordable solar energy across West Africa. Recent developments include: November 2022: NEoT Offgrid Africa, an energy investment platform founded by France's EDF and Meridiam, announced that they were working with two other companies to develop a 1.7 megawatt (MW) solar power project in Benin. The mini-grid project will provide electricity in 12 rural localities, including 3 MWh of battery capacity to supply more than 5,000 homes and businesses with electricity., August 2022: the Volta River Authority's 13MW Solar Power Project at Kaleo was successfully commissioned in Ghana. The solar plant is the first phase of what will eventually be a 28MW plant at Kaleo. The Volta River Authority (VRA) will receive a further USD 16 million from German Development Bank (KfW) to construct the second phase of the Kaleo Solar Power Plant. That will add 15MW to the project by mid-2023.. Notable trends are: Hydropower Segment to Dominate the Market.

Nigeria renewable energy and solar off-grid market valued at USD 2.5 Bn, driven by rural demand, government initiatives, and tech advancements, aiming for 30% renewable share by 2030.

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.

Nigeria's solar energy capacity has grown in the last years, reaching *** megawatts in 2023. This represented a substantial ***** 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 ** gigawatt hours of electricity from solar power, maintaining the level achieved in the previous two years. This marked significant progress from 2012 when solar energy contributed only ** gigawatt hours to the country's electricity production. Despite this growth, solar power still lags behind hydropower, which generated over ***** 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 **** percent, slightly down from the previous year but still representing a significant portion. The share of renewables peaked in 2019 at **** percent. As of 2023, Nigeria's total renewable energy capacity stood at **** megawatts, showing modest growth from **** 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 size of the Nigeria Power Industry was valued at USD 391.69 Million in 2023 and is projected to reach USD 525.23 Million by 2032, with an expected CAGR of 4.28% during the forecast period. Recent developments include: January 2024: Mainstream Energy Solution Ltd commenced operations at a newly constructed facility in Zungeru, central Nigeria. This is in addition to the other two major hydroelectric plants operated by the company in Nigeria. The 700-megawatt new plant, funded by a USD 1.3 billion loan from China, is being run by Mainstream's subsidiary, Penstock Energy Ltd., August 2023: GE Vernova initiated the construction of a natural gas-fired power plant in Nigeria as part of the government's efforts to address electricity shortages. The Gwagwalada Independent Power Plant, with a capacity of 1,350 MW and fueled by locally sourced gas, is projected to contribute approximately 11% of the nation's electricity once fully operational. Situated near Abuja, Nigeria's capital, the plant will be developed in three phases, with GE Vernova collaborating with two other entities on engineering and construction tasks.. Key drivers for this market are: 4., Increasing Power Demand4.; Increasing Penetration of Renewable Energy. Potential restraints include: 4., Inadequate Infrastructure in the Country. Notable trends are: Thermal Power is Expected to Dominate the Market.

Discover the booming West African solar energy market! Learn about its 2% CAGR, projected growth to 2033, key players like Wärtsilä and REDAVIA, and the challenges and opportunities shaping this dynamic sector. Explore regional market share and investment potential in this insightful analysis. Key drivers for this market are: 4., Expanding Pipeline Infrastructure4.; Growing Energy Demand. Potential restraints include: 4., Political Instability and Militant Attacks on Pipeline Infrastructure. Notable trends are: Hydropower Segment to Dominate the Market.

The Nigerian power industry, valued at $391.69 million in 2025, is projected to experience steady growth, driven by increasing energy demand from a rapidly expanding population and industrialization. A Compound Annual Growth Rate (CAGR) of 4.28% from 2025 to 2033 indicates a substantial market expansion. Key drivers include government initiatives aimed at improving electricity infrastructure, the growth of renewable energy sources (solar, wind), and the increasing adoption of energy-efficient technologies across various sectors. However, challenges remain, including inadequate grid infrastructure, transmission losses, and inconsistent regulatory frameworks. These constraints, along with fuel price volatility and security concerns, could potentially moderate growth. The segmentation of the market into power generation (thermal, renewable, and other sources) and power transmission and distribution highlights the varied investment opportunities and challenges within the sector. Companies like Egbin Power PLC, Transcorp Power Limited, and Seplat Energy PLC are major players, but the industry is also characterized by a significant number of smaller, independent power producers. Regional disparities in access to electricity also present both challenges and opportunities for targeted investment. The forecast period (2025-2033) will likely witness significant investment in renewable energy projects, driven by both government policy and private sector interest in sustainable energy solutions. The expansion of the national grid and improved transmission and distribution networks will be crucial in ensuring reliable power supply. Competition among power generation companies will likely intensify, leading to innovations in efficiency and pricing strategies. The government’s role in streamlining regulations, attracting foreign investment, and addressing security issues will be critical to realizing the industry’s full potential. Successful navigation of these challenges will be pivotal in ensuring the sustainable growth and development of the Nigerian power industry and its contribution to national economic progress. Recent developments include: January 2024: Mainstream Energy Solution Ltd commenced operations at a newly constructed facility in Zungeru, central Nigeria. This is in addition to the other two major hydroelectric plants operated by the company in Nigeria. The 700-megawatt new plant, funded by a USD 1.3 billion loan from China, is being run by Mainstream's subsidiary, Penstock Energy Ltd., August 2023: GE Vernova initiated the construction of a natural gas-fired power plant in Nigeria as part of the government's efforts to address electricity shortages. The Gwagwalada Independent Power Plant, with a capacity of 1,350 MW and fueled by locally sourced gas, is projected to contribute approximately 11% of the nation's electricity once fully operational. Situated near Abuja, Nigeria's capital, the plant will be developed in three phases, with GE Vernova collaborating with two other entities on engineering and construction tasks.. Key drivers for this market are: 4., Increasing Power Demand4.; Increasing Penetration of Renewable Energy. Potential restraints include: 4., Increasing Power Demand4.; Increasing Penetration of Renewable Energy. Notable trends are: Thermal Power is Expected to Dominate the Market.

Nigeria's green ammonia market volume amounted to ** metric tons in 2022. Compared to the previous year, this was an increase of nine metric tons. The country's market volume of green ammonia is expected to rise significantly, reaching around ***** metric tons by 2030.

Discover the booming Nigeria solar EPC market! Learn about its impressive 4%+ CAGR, key players like Energo Nigeria and Andritz AG, and the drivers shaping this dynamic sector. Explore market size projections to 2033 and understand the opportunities and challenges in this rapidly growing renewable energy market. Recent developments include: February 2023: GE Gas Power, an American energy company, revealed plans to invest in power assets that will add nearly 500 megawatts (MW) to Nigeria's national electricity grid by the second quarter of 2023. The 240 MW Afam III power plant in Port Harcourt, the 50 MW Maiduguri project with the Nigerian National Petroleum Company Limited (NNPC), and another 50 MW project for the Dangote Group to serve its cement and refinery plants are among them, according to the company., December 2022: The Federal Government of Nigeria announced that 11 hydropower projects with a total capacity of 3,750 MW of electricity had been initiated and that work was currently ongoing at the various project sites.. Notable trends are: Thermal Power to Dominate the Market.

The share of renewable energy in the total final energy consumption in Senegal was forecast to continuously decrease between 2024 and 2029 by in total *** percentage points. After the fifteenth consecutive decreasing year, the share of renewable energy is estimated to reach ***** percent and therefore a new minimum in 2029. According to Worldbank the renewable energey TFEC share refers to the share of renewable energy in the total final energy consumption.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to *** countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the share of renewable energy in the total final energy consumption in countries like Nigeria and Ivory Coast.