The Nigerian Power Industry; 2024 & Beyond
Power generation is the generation of electricity through various primary sources such as coal, hydro, solar, thermal, etc. In utilities, it’s a step prior to its delivery to its end users. Then, the process is followed by Transmission and distribution. Under this, the power generated is distributed via high-voltage lines (transmission lines) and low-voltage lines (distribution lines) as per the requirement of the end user.
The Nigerian power market is segmented by power generation source and power transmission and distribution (T&D). By power generation, the market is segmented into thermal, renewable, and other sources.
The Nigeria Power Market size in terms of Equal-4.28 is expected to grow from USD 391.69 million in 2024 to USD 483 million by 2029, at a CAGR of 4.28% during the forecast period (2024-2029).
In 2023, the Nigeria Power Market size was estimated at USD 374.93 million. The report covers the Nigeria Power Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Nigeria Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
However, the cost associated with the increasing infrastructure for power generation facilities is expected to hinder the growth of the power market.
Over the medium term, the increasing energy demand due to increasing industrialization and urbanization activities and penetration of renewable energy is expected to drive the market during the forecasted period.
Nevertheless, Distributed Power Generation (DPG) presents significant opportunities for the Nigerian power market.
