Nigeria's Power sector is expected to record a compound annual growth rate (CAGR) of about 13 percent between 2022 and 2027, driven by government support for renewables-based power generation, according to analysts at Mordor Intelligence.
The market research company, in a report “Nigeria Power Market - Growth, Trends, Covid-19 Impact, and Forecast (2022-2027)”, said the Nigerian power market is largely driven by favorable government policies and a growing inclination toward privatization of the power sector, which can draw more investment in the sector.