Potential and challenges of renewable energy development in promoting a green economy in Nigeria

Abstract

There is an established link between the availability of reliable and adequate energy supplies and economic growth and development. Based on this link, this study assesses the potential and challenges of the renewable energy sub-sector in addressing an energy deficit that has been identified as one of the obstacles hindering economic development in Nigeria. Through an analysis of various documents, the research made two important findings: First, Nigeria recognizes and has analysed its potential in a variety of renewable energy sources for possible exploitation to diversify its energy mix. Second, although there are policies to drive the renewable energy development projects, the lack of legislative backing and various systemic challenges are hindering the deep entrenchment of this thrust. The research concludes that public and private policy coherence is critical for Nigeria to develop an economically and technically viable renewable energy sub-sector to supplement its current energy supply.