An Assessment of Renewable Energy Impact on Economic Development in Nigeria

Abstract

Most business establishments and even homes that rely on public power sources even homes enjoy less than 10 hours of power supply per day and as such, power shortage is seen as a major hindrance to sustainable economic development. Additionally, the awareness of the environmental implications of producing energy through nuclear, fossils or hydro sources has increased considerably. The combined effect of this is that attention is shifting to the generation of energy (power) through renewable energy sources. However, the low exploitation of renewable energy sources, despite the profusion of these, as sources of power remains as source of concern. This research, through a review of existing works in this subject as well as analysis of relevant secondary data, sought to explore the prospects and challenges of renewable energy utilisation in Nigeria.