Renewable energy has become a viable solution to tackle energy challenges in Africa, and Nigeria is actively exploring various options to enhance its energy supply. Geothermal energy has attracted significant attention, especially following the discovery of multiple geothermal sites across the country. This study focuses on the Ruwan-Zafi Hot Spring (RZHS) region with the aim of investigating its suitability for geothermal energy exploration and exploitation. Spectral analysis of aeromagnetic data was used to model the depths to the top (DTT) and centroid of subsurface magnetic source. Through these computations, the depth to the bottom of magnetic source (assumed Curie Point Depth, CPD) was derived for the region. Results show DTT values ranging between 0.89 and 1.08 km, and CPDs ranging between 9.96 and 14.92 km. In addition, estimated heat flow values ranged between 73.62 and 128.39 mWm− 2. The shallow CPD and high heat flow values within the RZHS area is largely due to magmatic intrusions at depth and indicates the location’s potential for geothermal energy resources. Results also suggest the possibility of steam production at shallow depths (< 2 km). The identification of subsurface structures linked to geothermal reservoirs at the RZHS location offers valuable insights for guiding future geothermal exploration activities in the region and recommends further exploration and resource assessment.