The Nigerian electricity sector slowed in the fourth quarter of 2024, with the electricity production index declining by 1.64% year-on-year.
Data from the Central Bank of Nigeria says this marks a reversal from the 5.55% growth recorded in the third quarter of 2024 (Q3 2024).
Average estimated electricity generation, according to a Channels TV report on Monday, rose by 2.34% to 4,206.50 megawatts per hour (MW/h) from 4,110.47 MW/h in Q3 2024.
Similarly, electricity consumption saw a modest increase of 2.63%, reaching 4,105.66 MW/h from 4,000.24 MW/h in the preceding quarter.
This is as the Nigerian economy witnessed widespread expansion in the fourth quarter of 2024 (Q4 2024), with 21 out of 22 subsectors recording positive growth.
“On a quarter-on-quarter (q-o-q) basis, however, the subsector showed signs of recovery, as the index rose by 22.50% compared to a significant decline of 49.46% in the previous quarter.
“The broad-based economic expansion in Q4 2024 can be attributed to several factors, including improved business confidence, increased consumer spending, and enhanced performance in key sectors such as agriculture, manufacturing, and telecommunications.”
