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).

West Africa renewable energy market size is projected to exhibit a growth rate (CAGR) of 2.01% during 2024-2032. Growing energy demand, infrastructure development, escalating environmental concerns among consumers, a shift towards sustainable energy sources, and favorable government incentives represent some of the key factors driving the market.

The sales volume of off-grid solar lighting products in West Africa amounted to roughly 476,500 units in the first half of 2021. Nigeria had the largest market in the region. Around 239,910 lanterns, multi-light systems, and solar home systems were sold in the country.

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.