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Nigeria Renewable Energy Market Size Summary

The Nigerian renewable energy market is poised for significant growth over the forecast period, driven by favorable government policies and technological advancements in renewable energy technologies. The government's commitment to reducing greenhouse gas emissions and achieving sustainable growth is evident through initiatives like the Climate Change Act and the Renewable Energy Master Plan (REMP). These policies aim to increase the share of renewable energy generation substantially by 2025 and 2030, with a focus on solar, biomass, wind, and small hydropower. Despite challenges such as the increasing penetration of natural gas for power generation, the market is expected to benefit from the development of solar PV manufacturing and battery energy storage projects, which are gaining traction in the country.

Hydropower remains a significant component of Nigeria's energy mix, although it faces challenges in competing with other renewable sources. The country has substantial hydropower potential, particularly from the Niger and Benue Rivers and the Lake Chad basin, but financial issues and project delays have hindered large-scale developments. Nonetheless, new projects like the Zungeru hydropower plant are expected to contribute to the country's electricity supply. The market is semi-consolidated, with major players such as Engie SA, TotalEnergies SE, and Enel SpA actively participating. Recent developments, including solar power plant constructions and wind energy projects, are anticipated to further diversify Nigeria's energy mix and support the growth of the renewable energy market between 2024 and 2029.