Policies Enhancing Renewable Energy Development and Implications for Nigeria

Abstract

The main objective of this study was to review the various policies and strategies promoting renewable energy development around the world. The success and failures of each country and regions were examined through a case study so as to learn some valuable lessons and derive useful implications for the development of renewable energy in Nigeria. The study initially reviewed the current renewable energy policies and identified the barriers to the development of renewable energy technology in Nigeria. The lessons from the case study were classified into support mechanisms which include; capital, fiscal, tax incentives, legislative, political, technological and environmental support. The lessons from case study were used to develop implications in addressing the development of renewable energy technologies through effective policies and strategies in Nigeria. Furthermore, some future perspectives of renewable energy development in Nigeria were discussed. This study intends to support the Nigerian government and policymakers in decisions making and policy formulation on the short-, medium- and long-term.