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Why Renewable Energy Can Become Nigeria’s Economic ‘Messiah’



Why Renewable Energy Can Be Nigeria’s Economic ‘Messiah’

Renewable energy sources offer significant potential benefits to Nigeria, where fossil fuels currently dominate the energy landscape. Non-renewable energy sources, like oil and gas, are finite resources that cannot be easily replenished, whereas renewable sources, such as wind, solar, hydro, geothermal, and biomass, are natural, sustainable, and can be continuously renewed.

In recent years, the adoption of renewable energy in Nigeria has increased, with individuals and businesses using solar power to meet their energy needs. However, the country’s population growth and increasing industrialization have driven up energy demand, leading to an energy deficit.

Expanding the use of renewable energy could help alleviate this deficit and bring numerous other benefits to Nigeria.

One of the most significant advantages of renewable energy is its potential to reduce Nigeria’s dependence on traditional, often unreliable sources of energy, while also mitigating the negative effects of climate change resulting from the use of fossil fuels.

They can also help improve energy security in the country, providing more job opportunities in the energy sector.

Renewable energy can play a crucial role in addressing climate change in Nigeria, as its cities, particularly Lagos, continue to grow and face environmental challenges. It generates zero emissions, making it a cleaner alternative to traditional energy sources.

Furthermore, Nigeria has abundant sunshine and wind, which can be harnessed to provide electricity to millions of people who currently lack access.

Despite the country’s vast energy resources, 92 million Nigerians lack access to electricity, and only 44% of the population has access to electricity. Renewables offer a way to address this issue, enabling more people to access clean, reliable, and affordable energy.

In summary, it offers significant potential benefits to Nigeria, including reducing dependence on traditional energy sources, mitigating the impact of climate change, improving energy security, creating jobs, and providing more Nigerians with access to electricity.

Why Renewable Energy Can Become Nigeria’s Economic ‘Messiah’

Renewable energy sources such as wind, solar, hydro, geothermal, and biomass are natural, inexhaustible, and can be easily replenished. They offer an alternative to traditional non-renewable energy sources such as fossil fuels which are limited in quantity and generate harmful emissions that cause climate change.

Nigeria, a country in West Africa, is gradually embracing the use of renewable energy sources, especially solar energy. However, the adoption rate of renewable energy is still low in the country, and there is a need for increased utilization to meet the country’s energy demands.

Nigeria’s energy requirements have continued to increase as the country’s population grows and industrialization improves. The current sources of energy are insufficient to meet the demand, causing an energy deficit.

It presents a potential solution to the energy challenges facing the country, and the government is gradually taking steps to embrace its adoption.

Climate Change

Climate change and global warming have been a significant concern for world leaders, and it is vital to move towards cleaner energy. Nigeria accounts for only 1% of global carbon emissions, but the country is not immune to climate change. The country’s major cities, especially Lagos, are becoming densely populated, leading to environmental challenges. Many people are forced to rely on alternative sources of energy, which often emit harmful emissions. Renewable energy can help mitigate the negative impact of climate change by producing zero emissions while generating energy.

Electricity Access

The epileptic power supply in Nigeria has been a consistent feature of the electricity sector, causing untold hardship for residents and citizens. Nearly 92 million Nigerians lack access to electricity, and only about 44% of the population has access to it. Those who have access do not have 24-hour access to electricity like their counterparts in other African countries.

However, sunshine is abundant in different parts of the country, and wind is also a potential source of renewable energy. Increased utilization of renewable energy will help in increasing electricity access in the country, especially for those in rural areas who are off the grid.

Poverty Reduction

Businesses in Nigeria have been forced to close or increase costs due to the rising cost of energy needed to keep the business running. The cost of petrol and diesel used to fuel generators has increased by over 100% in the last year, adding to the financial burden on businesses. According to the World Bank, the epileptic power supply in the country has an annual economic cost of $26.2 billion.

Renewable energy sources can help small and medium-sized enterprises (SMEs) get more leverage to power their businesses, without incurring the extra cost of fueling generators or paying for “crazy bills” from unreliable electricity.

Economic Growth

The adoption of renewable energy will create more job opportunities compared to non-renewable sources such as fossil fuels. The renewable energy sector provides job opportunities in various areas such as installation, maintenance, repairs, and others. The government can leverage this to train unemployed youths, creating job opportunities for them.

Renewable energy, such as solar panels, has little or no additional cost compared to non-renewable sources, which are often associated with corruption. More jobs will be created, and the government can depend on taxes paid by business owners and individuals with jobs as a source of revenue.

The Nigerian government has embraced the adoption of renewable energy, implementing policies such as the Feed-in-Tariff to stimulate energy access. The private sector and individuals must also be encouraged to increase their utilization of renewable energy.

The enormous benefits of renewable energy cannot be overemphasized. It will reduce dependence on traditional sources of energy, improve energy security, and mitigate the negative impact of climate change. It will also create job opportunities and contribute to economic growth.