Africa
With a power score of 2.5, Nigeria ranks number 8 among Emerging Markets and number 2 in the Africa region
Power score
2.5/5
Score over time
2021 - 2024
Nigeria has a power score of 2.50, which puts it at rank 8 in the Emerging Markets power ranking. In comparison to 2023, Nigeria has improved in the power rankings by 24 places, from rank 32, to rank 8.
At 2.50, the power score of Nigeria is better than than the regional average of 1.8 in the Africa region and puts it at rank 2 in the region.
Nigeria implements policies in 2/9 power policy categories tracked by Climatescope, including Renewable energy target, and Renewable energy auction.
The average electricity price in Nigeria has dropped from 135.90 USD/MWh in 2022 to 96.23 USD/MWh in 2023. Since 2017, the average electricity price in Nigeria has fluctuated between 83.24 USD/MWh (2020) and 135.90 USD/MWh (2022).
The top amount of capacity installed in Nigeria in 2023 was in Natural Gas at 71.39%, down from 77.02% in 2022. The technology with the biggest increase in capacity installed in 2023 was Large Hydro at 16.61%, up from 13.22% in 2022.
The top amount of electricity generated in Nigeria in 2023 was in Natural Gas at 65.33%, down from 72.45% in 2022. The technology with the biggest increase in electricity generated in 2023 was Large Hydro at 26.25%, up from 21.57% in 2022.
Investment in clean energy in Nigeria was around $69.30 million in 2023, an increase of 913.16% from 2022 ($6.84 million). Between 2018 and 2023, the highest investment in clean energy was in 2021 at $279.71 million, while the lowest was in 2022 with $6.84 million.
Which segments of the power sector are open to private participation?
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Are other PPAs (eg. corporate PPAs) signed in or indexed to U.S. Dollars or Euro?
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Can a C&I (Commercial and Industrial) customer sign a long-term contract (PPA) for clean energy?
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Does the government keep the wholesale price of electricity from fossil fuels artificially low through subsidies?
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Does the government significantly increase the wholesale price of electricity from fossil fuel through targeted taxes and/or carbon prices?
For more information on best practices and climate action, explore the NetZero Pathfinders project by BloombergNEF.