Abstract
Nigeria has inadequate power supply and this issue has lingered for years despite power sector reforms. Renewable resources could to be offering sustainable alternative energy supply in rural and urban regions of Nigeria. So, the key factors that determine the utilization of renewable energy in Nigeria are estimated in this paper for a period of twenty-four years using toda yamamoto method. Long-run relationship exists between renewable energy consumption and its determinants in Nigeria. Real income (real GDP) and emissions of CO2 are the most significant determinants of oil products import demand in Nigeria. Trade Openness was found to be insignificant. The analysis showed no causality between the consumption of renewable energy and some of its determinants. However, unidirectional causality runs from CO2 emission to GDP which implies that fossil fuels are significant drivers of real GDP or economic growth for Nigeria. It is evidenced that environmental considerations are less critical than real income to the consumption and development of renewable energy in Nigeria. Policy-makers should proffer incentives and measures that incentivize increased production and consumption of renewable energy while driving macroeconomic stability – especially in post COVID-19 era.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: IOP Conference Series: Earth and Environmental Science
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
