Crystabel Ukwuegbu
The Nigerian power sector experienced a slowdown in the fourth quarter of 2024 (Q4 2024), as electricity production fell by 1.64% year-on-year, according to data from the Central Bank of Nigeria (CBN). This decline contrasts with the 5.55% growth recorded in the third quarter (Q3 2024).
Despite this annual drop, electricity generation saw a 2.34% increase on a quarterly basis, rising to 4,206.50 megawatts per hour (MW/h) from 4,110.47 MW/h in Q3 2024. Electricity consumption also followed an upward trend, climbing by 2.63% to 4,105.66 MW/h from the previous quarter’s 4,000.24 MW/h.
Meanwhile, the Nigerian economy recorded broad expansion in Q4 2024, with 21 out of 22 subsectors experiencing growth. On a quarter-on-quarter basis, the electricity subsector showed signs of recovery, rebounding by 22.50% after a steep decline of 49.46% in the previous quarter.
The overall economic growth in Q4 2024 was driven by several key factors, including improved business confidence, higher consumer spending, and strong performances in agriculture, manufacturing, and telecommunications.
