Title:
ECONOMIC AND RENEWABLE ENERGY TRANSITION IN NIGERIA

Authors:
Oloruntuyi, A.O., Nigeria

Abstract:
This study examined the Nigeria's transition to renewable energy and its effects on the country's economy between 2000 to 2023, Utilizing secondary data from national policy documents, international energy databases, and empirical research, the analysis investigates changes in installed renewable capacity, GDP growth, employment patterns, and renewable energy use. Even though Nigeria uses a significant amount of renewable energy, traditional biomass use is mostly responsible for this dominance, which reflects ongoing energy poverty rather than contemporary technological advances. Modern renewable capacity, especially solar and hydropower grew steadily over the research period to decentralized energy projects and legislative changes. In comparison to population growth and national demand, this rise is still small. The period's economic growth was erratic, mostly due to changes in the price of oil and structural limitations in the energy industry. According to the findings, the macroeconomic impact of modern renewable deployment is still developing, even though it has started to improve rural electrification and small-scale firm development. To make renewable energy a strong force behind structural diversification and sustained economic growth in Nigeria, infrastructure, funding sources, and regulatory uniformity must all be strengthened.