Olujobi Olusola Joshua, Olujobi Oluwatosin Michael, Daniel E. Ufua
Background/Aim: Fossil fuel has been the mainstream of energy supply and a major source of foreign exchange earnings of the Federal Government of Nigeria, despite being an un-renewable and unsustainable source of energy which has led to emission of greenhouse gases which are unsustainable in Nigeria’s power sector. There is severe challenge of power irregularity over the years such that most industrial organizations and upper income family circles install exorbitant electricity generators set due to incessant power outage in the country.
Methods/Materials: The study adopts a doctrinal legal research with library based legal research method with comparative legal approach. The study reveals that lack of coherent legal framework with incentives for utilization of renewable energy is the key factor causing slow utilization of renewable energy as alternative source of energy in Nigeria.
Results: The country is yet to tap into the full benefits of renewable energies after privatization of its power sector inspite of the new global evolvement in energy sector and the growing demands for renewable energy sources, which is cheaper, environmentally friendly compared to fossil fuel and its allied products. Energy security has been a challenge to social economic development due to over dependency on fossil fuel despite the obvious indicators that fossil fuel will soon become an alternative forgone in the power sector as energy has evolved from meeting household needs and industrial demands to preserving energy sources for longevity and sustainability. This would apparently have some implications for Nigeria’s oil sector due to the current global dwindling in crude oil price. This development has led to the formulation of new energy policy around the world to serve as a vehicle for translating this to reality. The study evaluated resource curse and sustainable development theories due to their impacts on renewable energy in Nigeria’s power sector. The aim of the study is to end the concern for poor energy utilization to promote energy efficiency and sustainability.
Conclusions/Recommendations: the study recommends among other reforms, the need for coherent legal framework on renewable energy and advocates stringent enforcement of energy regulatory policies with incentives for utilization of renewable energy sources in Nigeria.