Market Size of Nigeria Power Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 391.69 Million |
| Market Size (2029) | USD 483 Million |
| CAGR (2024 - 2029) | 4.28 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nigeria Power Market Analysis
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).
- 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.
- However, the cost associated with the increasing infrastructure for power generation facilities is expected to hinder the growth of the power market.
- Nevertheless, Distributed Power Generation (DPG) presents significant opportunities for the Nigerian power market.
