Clean Energy, Economic Development and the Distortions in Nigeria’s Petroleum Industry
Stephen Mmaduabuchukwu Chukwuka *
Department of Economics, Dennis Osadebay University, Asaba, Delta State, Nigeria.
Emmanuel Oghenekome Akpoghelie
Department of Economics, Margaret Lawrence University, Delta State, Nigeria.
Jude O. Dike
Department of Economics, Dennis Osadebay University, Asaba, Delta State, Nigeria.
Amaka Gertrude Metu
Nnamdi Azikiwe University, Awka, Anambra State, Nigeria.
EKE, Derek Chiedu
Department of Economics, Margaret Lawrence University, Delta State, Nigeria.
Kingsley Okiwelu
Department of Economics, Dennis Osadebay University, Asaba, Delta State, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
Since energy is essential for both socioeconomic growth and the eradication of poverty, obtaining clean and contemporary energy services is a major challenge facing the African continent especially Nigeria. Currently, between 65% and 75% of Nigerians lack access to electricity. Unless the government diversifies energy sources in the residential, commercial, and industrial sectors and implements new technologies to cut down on energy waste and save money, Nigeria's current energy crisis is certain to continue. This paper examined clean energy and the distortions in Nigeria’s petroleum industry. This paper also examined the availability and spread of these resources, determining that biomass and solar energy were the most widely accessible renewable energy sources on a national level utilizing the qualitative method. Regulatory and legislative barriers, insufficient financial investment, infrastructure constraints, and inefficient grid integration were among the problems that were found. The results of this study revealed that Nigeria should integrate proceeds from petroleum industries to efficiently harness and use its abundant renewable resources in joint public-private collaboration.
Keywords: Energy, clean energy, economic growth, Africa, Nigeria