Nigeria’s renewable energy capacity has grown significantly over the past decade, expanding from 2.1 GW in 2015 to 3.7 GW in 2024. This marks a 76% increase, reflecting a compound annual growth rate (CAGR) of 5.7%. While the progress shows that Nigeria is making strides in diversifying its energy mix, the growth has been relatively modest compared to its vast population and energy demand, underlining the need for accelerated investments in renewables.
The journey of Nigeria’s renewable energy mirrors the experience of many households or businesses that delay switching to solar or other clean energy solutions until rising electricity costs or supply challenges force a change. Much like that gradual transition, Nigeria’s renewable capacity stayed almost flat between 2015 and 2020, before a sharp leap occurred in 2022. This turning point demonstrates that while change may be slow, once it begins, momentum can quickly follow.
