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AUTHOR(S): Okachi S. E, Akpama E. J, Eunice I. E, Milliscent O. E, Icha A.
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TITLE Energy Demand Forecast for The Industrialization of Nigeria Using Time-Series Analysis Model |
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ABSTRACT The provision of sufficient, reasonably priced, and reliable electric power is a vital prerequisite to nurture or drive this necessary desired transformation for Nigeria to make significant progress in terms of growth in its key sectors such as infrastructure, economics, and security. Additionally, the nation's electric power consumption and supply must be comprehensively planned and achieved as a matter of urgent necessity if it is to keep pace with developed countries around the world that have demonstrated phenomenal growth in economic development and transformed into industrialized nations. Epileptic power supply issues have recently gotten worse at an alarming rate. Epileptic power supply issues have recently gotten worse at an alarming rate. In particular, low power output and the national grid breakdown brought on by unrest brought on by bandit attacks on the facilities housing the transmission lines. The strength of any healthy economy is directly correlated to the expansion of the industrial sector, which is made possible by the accessibility of a reliable power supply. Today's industries in Nigeria produce their own power, largely as a result of the discontent with the available supply. Additionally, the cost of manufacturing is high due to the spike in petrol, diesel, and petroleum prices, which raises market prices for other goods and drives up inflation. If the demand and supply for electric energy can be balanced, other problems in Nigeria will be significantly less difficult to tackle. Therefore, the purpose of this study is to project the load demand for the industrial sector using a time series model. The results show that, by the year 2030 or earlier, it would be necessary to create a projected 20,000MW of electric power in order to effectively and affordably power her industry. |
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KEYWORDS Electric Power Generation & Consumption, Electric Energy Demand Modeling, Industrialization, Time Series Model and Energy Demand Estimates |
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Cite this paper Okachi S. E, Akpama E. J, Eunice I. E, Milliscent O. E, Icha A.. (2023) Energy Demand Forecast for The Industrialization of Nigeria Using Time-Series Analysis Model. International Journal of Renewable Energy Sources, 8, 128-135 |
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