7 Will a Transition to Renewable Energy Promote …
257
The resultant effect of unaddressed constraints- economic and financial, regulatory and political and technology would likely result in a lack
of interest among investors. The rising of such behavioural disposition
is remarkable, as an emerging constraint to renewable deployment.
122
Therefore, behavioural constraint depends on whether or not other
constraints have been addressed by the government. Basically, a good
degree of confidence in policy and regulatory framework would suffice
to assuage investor’s fear.
7.5 Conclusion
Logically, energy resources are the biggest gifts of nature to Nigeria.
There are rich CES and RES, with renewables dispersed in every
part of the country. The country’s renewables have only been relatively, marginally exploited. This is despite a lot of potential market
opportunities and supportive government policies for renewable energy
deployment. Today, it is clear to note that Nigeria is experiencing a
resource curse, short capacity country notwithstanding her abundant
energy resources. This scenario can be attributed to a handful of issues
inherent in her current energy regime. There is no visible legal framework supporting government policy objectives for the effective renewable
regime in Nigeria. As a matter of concern, a lack of effective renewable
energy deployment questions her commitment to promoting SDGs and
combating global climate change under the Paris Agreement.
The world is moving fast-forward to the energy transition that
supports modern energy utilization, at least, for promoting energy security and access. The integration of renewable energy into the national
grid system and mainstreaming of small-scale off-grid renewable energy
technologies is critical for energy security, green economy and sustainable economic development in Nigeria. This will also offer numerous
environmental co-benefits such as improvement in air quality, as well as
create decent jobs for the citizens. The use of renewable energy technologies, at best, ensures energy efficiency and reduces greenhouse gas
122 Pueyo and others (n 87).
257
The resultant effect of unaddressed constraints- economic and financial, regulatory and political and technology would likely result in a lack
of interest among investors. The rising of such behavioural disposition
is remarkable, as an emerging constraint to renewable deployment.
122
Therefore, behavioural constraint depends on whether or not other
constraints have been addressed by the government. Basically, a good
degree of confidence in policy and regulatory framework would suffice
to assuage investor’s fear.
7.5 Conclusion
Logically, energy resources are the biggest gifts of nature to Nigeria.
There are rich CES and RES, with renewables dispersed in every
part of the country. The country’s renewables have only been relatively, marginally exploited. This is despite a lot of potential market
opportunities and supportive government policies for renewable energy
deployment. Today, it is clear to note that Nigeria is experiencing a
resource curse, short capacity country notwithstanding her abundant
energy resources. This scenario can be attributed to a handful of issues
inherent in her current energy regime. There is no visible legal framework supporting government policy objectives for the effective renewable
regime in Nigeria. As a matter of concern, a lack of effective renewable
energy deployment questions her commitment to promoting SDGs and
combating global climate change under the Paris Agreement.
The world is moving fast-forward to the energy transition that
supports modern energy utilization, at least, for promoting energy security and access. The integration of renewable energy into the national
grid system and mainstreaming of small-scale off-grid renewable energy
technologies is critical for energy security, green economy and sustainable economic development in Nigeria. This will also offer numerous
environmental co-benefits such as improvement in air quality, as well as
create decent jobs for the citizens. The use of renewable energy technologies, at best, ensures energy efficiency and reduces greenhouse gas
122 Pueyo and others (n 87).