Renewable Energy in Sustainable Electricity and Economic Development: The Case of Nigeria

Abstract

The article is devoted to the potential role of renewable energy in the grid of the future electricity generation and economic development in Nigeria. The article further observed that it is also important to examine the economics of a variety of potentially competing technologies including market demand, flexible generation, and improved operational practices of electricity in Nigeria. In addition, while there are clear benefits of using energy storage to enable greater penetration of natural resources, it is important to consider the potential role of renewable energy in relation to the needs and demands of the electricity in Nigeria. Nigeria, which gained sovereignty since October 1, 1960 did not have its own stable electricity. Hence, the article is concentrated on renewable energy as a source of sustainable electricity and economic development. The authors were interested in renewable energy due to the huge demand of electricity in Nigeria and at large, in Africa. The natural resources have no limits to human environment or space (surface). Hence, the article attempts to find solution to the problem of electricity through renewable energy. The article further emphasizes on the important use of natural resources for building modern economy and technology advancement. The article discusses the importance of renewable energy and energy demand for electricity generation as a factor of diversification of national economy. Significant place is given to the interdependence of the renewable energy with the needs of sustainable electricity generation and economic development.Keywords: Renewable energy, Energy, Sustainable electricity, Economic developmentJEL Classifications: O33, Q42, Q47, Q48DOI: https://doi.org/10.32479/ijeep.8836