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.
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