RENEWABLE ENERGY POTENTIALS AND NIGERIA’S INDUSTRIALIZATION DRIVE: PROSPECTS, CHALLENGES AND WAY FORWARD

Rasaq Adekunle Olabomi ()
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Rasaq Adekunle Olabomi: National Institute for Policy and Strategic Studies, Kuru, Nigeria.

Engineering Heritage Journal (GWK), 2024, vol. 8, issue 2, 71-78

Abstract: Industrialization had been a major driver of the global socio-economic development and its ecosystems but rest on energy security for its sustainable process. Nigeria’s industrialization drive has largely been challenged with inadequate supply of energy due to poor implementation of energy frameworks and infrastructural challenges in the energy sector among others. More than 70% of the industries in Nigeria operate on self-generated power which had always been via fossil-based system that is both finite in supply and environmentally unfriendly. This also affect the competitiveness of light industries resulting in their closure. According to the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), more than 800 small and medium scale industries closed down between 2009 and 2011 due to energy related issues (PremiumTimes 2012). Meanwhile, Nigeria has a high renewable energy potential which could be harnessed to close the energy supply gap for the industrialization drive. This study assesses the potentials and prospect of renewable energy exploitation for industrialization in Nigeria with focus on the applicability of the current frameworks on renewable energy and industrialization process. Despite the huge renewable energy potential and a number of policy and institutional frameworks on renewable energy, the study found poor implementation of the policy due to no clear leadership in the implementation, hence it recommends energy commission of Nigeria to take a coordinating role. The current industrial policy is also found to be obsolete and recommended to be reviewed while there should be development of home-grown advanced manufacturing technology (AMT) system to utilize low-to-medium density energy obtainable from renewable sources for industrialization in Nigeria

Keywords: Renewable energy technology; Socio-economic development; Energy security; Industrial energy supply; Environmental sustainability (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:zib:zbngwk:v:8:y:2024:i:2:p:71-78

DOI: 10.26480/gwk.02.2024.71.78

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