Transition to Green Energy and Sustainable Development in Nigeria: A Prospective and Evaluative Analysis

Abstract Since the global discussions on climate change and environmental sustainability began, Nigeria has been actively involved in terms of participating, flowing with global trends and meeting its international obligations in that context. Thus, from the United Nations Framework Convention on Climate Change (UNFCCC) to Kyoto Protocol and then the Paris Agreement, Nigeria has been involved as it ratified and became a Party to them. Corollary to being a Party to the Paris Agreement, Nigeria committed itself to reducing its carbon emissions by 2030 by embracing clean, low carbon alternative energy sources to meet its domestic energy needs. Nigeria’s commitment is not without challenges considering a number of factors, namely it is dependent on fossil fuels for its foreign exchange earnings, it has a lingering problem with gas flaring and oil spills, its energy holdings are mainly dependent on fossil fuels, and there is evident lack of capacity and capability to harness its renewable energy resources. These challenges notwithstanding, Nigeria has developed various policy frameworks with targets and projections aimed at harnessing its abundant renewable energy resources in order to transit to green economy. The question that this paper attempts to address is whether Nigeria has been able to harness its renewable energy resources to address its energy challenges as well as transit to green energy as envisaged by its various policy documents. This paper engages secondary data in evaluating the extent to which the country has or has not transited to green energy as projected and targeted. This paper finds that the policy projections of transiting to green energy have no discernible pathways to assure its sustainable realization. It also finds that this disconnect between green energy transition targets and non-realization is linked to inadequate influx of private investments and therefore, recommends the provision of regulatory framework necessary to inspire investors’ confidence and commitment.