Power Sector in Nigeria Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2025 - 2030)

The Nigerian Power Market Report is Segmented by Power Generation From Sources (Thermal, Renewable, and Other Power Generation Sources) and Transmission and Distribution (T&D)). The Report Offers the Market Size and Forecasts in Revenue (USD) for all the Above Segments.

Power Sector in Nigeria Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2025 - 2030)

Nigeria Power Market Size

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Nigeria Power Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 408.45 Million
Market Size (2030) USD 503.67 Million
CAGR (2025 - 2030) 4.28 %
Market Concentration Medium

Major Players

Nigeria Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Nigeria Power Market Analysis

The Nigeria Power Market size is estimated at USD 408.45 million in 2025, and is expected to reach USD 503.67 million by 2030, at a CAGR of 4.28% during the forecast period (2025-2030).

  • 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.
  • However, the cost associated with the increasing infrastructure for power generation facilities is expected to hinder growth.
  • Nevertheless, Distributed Power Generation (DPG) presents significant opportunities for the Nigerian power market.

Nigeria Power Industry Overview

The Nigerian power market is semi-consolidated. Some of the major companies (in no particular order) include First Independent Power Ltd, Mainstream Energy Solutions Limited, Transcorp Power Limited, Sapele Power PLC (SPP), and The Transmission Company of Nigeria.

Nigeria Power Market Leaders

  1. First Independent Power Ltd

  2. Mainstream Energy Solutions Limited

  3. Transcorp Power Limited

  4. Sapele Power Plc (SPP)

  5. The Transmission Company of Nigeria

  6. *Disclaimer: Major Players sorted in no particular order
Nigeria Power Market Concentration
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Nigeria Power Market News

  • January 2024: Mainstream Energy Solution Ltd commenced operations at a newly constructed facility in Zungeru, central Nigeria. This is in addition to the other two major hydroelectric plants operated by the company in Nigeria. The 700-megawatt new plant, funded by a USD 1.3 billion loan from China, is being run by Mainstream's subsidiary, Penstock Energy Ltd.
  • August 2023: GE Vernova initiated the construction of a natural gas-fired power plant in Nigeria as part of the government's efforts to address electricity shortages. The Gwagwalada Independent Power Plant, with a capacity of 1,350 MW and fueled by locally sourced gas, is projected to contribute approximately 11% of the nation's electricity once fully operational. Situated near Abuja, Nigeria's capital, the plant will be developed in three phases, with GE Vernova collaborating with two other entities on engineering and construction tasks.

Nigeria Power Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Nigeria Electricity Market Size and Demand Forecast in USD, Until 2029
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Market Drivers
    • 4.5.1.1 Increasing Power Demand
    • 4.5.1.2 Increasing Penetration of Renewable Energy
    • 4.5.2 Market Restraints
    • 4.5.2.1 Inadequate Infrastructure in the Country
  • 4.6 Supply Chain Analysis
  • 4.7 PESTLE Analysis

5. MARKET SEGMENTATION

  • 5.1 Power Generation
    • 5.1.1 Thermal
    • 5.1.2 Renewable
    • 5.1.3 Other Power Generation Sources
  • 5.2 Power Transmission and Distribution

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Egbin Power PLC
    • 6.3.2 Transcorp Power Limited
    • 6.3.3 Seplat Energy PLC
    • 6.3.4 Abuja Electricity Distribution Company PLC
    • 6.3.5 BEDC Electricity PLC
    • 6.3.6 Yola Electricity Distribution Company (YEDC)
    • 6.3.7 Mainstream Energy Solutions Limited
    • 6.3.8 Sapele Power Plc (SPP)
    • 6.3.9 First Independent Power Ltd
    • 6.3.10 The Transmission Company of Nigeria
  • *List Not Exhaustive
  • 6.4 Market Ranking/Share Analysis

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Increasing Adoption of Distributed Power Generation
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Nigeria Power Industry Segmentation

Power generation is the generation of electricity through various primary sources such as coal, hydro, solar, thermal, etc. In utilities, it is 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 end user's requirement.

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. For each segment, the market sizing and forecasts have been done based on revenue (USD).

Power Generation Thermal
Renewable
Other Power Generation Sources
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Nigeria Power Market Research FAQs

How big is the Nigeria Power Market?

The Nigeria Power Market size is expected to reach USD 408.45 million in 2025 and grow at a CAGR of 4.28% to reach USD 503.67 million by 2030.

What is the current Nigeria Power Market size?

In 2025, the Nigeria Power Market size is expected to reach USD 408.45 million.

Who are the key players in Nigeria Power Market?

First Independent Power Ltd, Mainstream Energy Solutions Limited, Transcorp Power Limited, Sapele Power Plc (SPP) and The Transmission Company of Nigeria are the major companies operating in the Nigeria Power Market.

What years does this Nigeria Power Market cover, and what was the market size in 2024?

In 2024, the Nigeria Power Market size was estimated at USD 390.97 million. The report covers the Nigeria Power Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Nigeria Power Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Nigeria Power Industry Report

The Nigerian power market is a rapidly evolving sector crucial to the country's economic development, driven by increasing population, urbanization, and industrialization. The power sector in Nigeria encompasses activities related to the generation, transmission, distribution, and consumption of electricity, with a mix of thermal, hydro, and renewable sources. Despite challenges such as inadequate infrastructure, transmission losses, and limited access to electricity in rural areas, recent reforms and investments in renewable energy have created a favorable environment for growth.

Sector analysis reveals that the market is segmented by generation source, end-user segment, and market participants, with significant opportunities in renewable energy development, off-grid solutions, and energy efficiency measures. The competitive landscape of the power industry in Nigeria includes a mix of government-owned utilities and private players. Industry analysis indicates that the future outlook for the Nigeria electricity market is promising, with a focus on expanding the grid and increasing access to electricity. Market forecast and market growth highlight the potential for significant revenue growth in the renewable energy sector.

Industry reports provide a comprehensive market overview and market review, detailing the market segmentation and market value. Research companies have noted that the industry size and industry trends are favorable for investment. Market leaders are expected to drive the growth rate, contributing to the overall market predictions. The market data and industry statistics support the positive market outlook, with industry information indicating robust market growth.

Industry outlook and industry research suggest that the market segmentation will continue to evolve, with a particular emphasis on renewable energy sources. The market predictions are supported by industry sales and industry size, which show a steady increase in market value. The report example and report pdf offer detailed insights into the market dynamics, making it a valuable resource for stakeholders.

Overall, the Nigeria power market is poised for significant growth, with market leaders playing a crucial role in shaping the future of the industry. The market review and market segmentation provide a clear picture of the opportunities and challenges ahead, while the market overview and market outlook offer a strategic perspective for investors and policymakers.