According to the Nigerian Bureau of Statistics 2013 estimate, the country’s teeming population of about 200 million does not have enough electricity to meet its needs. Nigeria has one of the world’s lowest net power production per capita rates, according to the U.S. Energy Information Administration (E.I.A.). Load shedding, blackouts, and dependence on private generators are all consequences of inadequate electricity generation. As a result of recent privatisation, the nation’s eleven recognised power-producing businesses have been unable to keep up with demand.

Electricity is a prerequisite for both social progress and economic expansion. The primary goal of the electricity industry is to provide energy. Sustainable development and poverty alleviation activities rely heavily on the availability of energy (Sambo, 2005). Everything from access to water to agricultural production to health to population size to education to gender-related concerns is affected by climate change. The degree of productivity in industry, commerce, agriculture, and even the workplace is directly linked to the energy used. As a measure of a people’s or nation’s level of life, energy consumption per capita is one of the indicators or benchmarks (Sambo, 2005). As a result, there is little possibility of reaching enviable national development or even raising the level of life of the Nigerian people if the country’s energy supply cannot keep up with demand. The National Electricity Regulation Commission’s (NERC) administration must gather information indicating the population’s energy consumption and compile this data so policymakers, generating firms, and other key stakeholders can readily comprehend it. Such information should be collected and analysed by the Nigerian government’s energy regulatory agency to identify and highlight trends in the country’s energy output and consumption. Use of up-to-date statistics and forecasting tools and software may be used to make a projection of the predicted use pattern for electrical energy over a specific time in the short or long term. Additionally, with this new knowledge, the nation’s power industry can give a solution to and ensure that the country intends to fulfil its energy needs at any moment in the future, as portrayed by the forecast.

The Demand For Electricity in Nigeria

The amount of a product or service that a customer is willing and able to pay a certain price for at a specific moment is referred to as “demand” in the economics world. Time and pricing may affect demand. The globe is facing a constant rise in demand for alternative energy sources, such as electricity, as a replacement for fossil fuels, due to population growth, growing industrialisation, and governments’ attempts to minimise the burning of fossil fuels (Madueme, 1979).

Everything that happens in the manufacturing process—from concept to finished product—requires electricity in some form or another. Every nation’s socioeconomic and technical development depends heavily on it (Adebanjo, 2012). According to revelations by Nigeria’s Minister of Power, Prof Chinedu Nebo, it appears that the country is still a long way from becoming self-sufficient in electricity, as the country has shifted its target date for generating 10,000 megawatts from December 2013 to the first quarter of 2014, requiring about 200,000MW to meet current energy demands.

A lack of industrialisation means that Nigerians’ primary source of electrical energy is their own homes, which are the country’s only true end users. A large portion of the power produced goes to the manufacturing industry, as well as to educational institutions, health care parastatals, and private and public sector businesses (Abatan, 1979).

Electric arc furnace systems are increasingly being used by the steel and metallurgical industries in place of the conventional blast furnace system, which primarily utilises carbon-based fuels and coking materials to reduce reliance on fossil fuels. The Lord Mayor of the City of London, Roger, and a delegation of British businesses were informed by Nebo that the objective represents a major investment potential for local and international companies. According to him, investment in Nigeria’s power production sector is dominated by corporations from Asia and the United States of America. Nigeria now produces roughly 4,500mw of energy.

According to him, the Nigerian government is committed to reducing the country’s reliance on gas and hydroelectric facilities by boosting electricity provided by wind, solar, and other biomass. It is not practical for the country to rely on just one or two energy sources; instead, we need a diverse portfolio. While wind turbines and solar panels are operational, Nigeria is st

Order Now