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VOL. 7, ISSUE 4 (2025)
Evaluation of the economic and financial impact of renewable energy adoption for sustainable development in Nigeria
Authors
Ibrahim Musa, Yakubu Merimon Zephaniah, Kabiru Muhammed
Abstract
This research work
which was tagged Analysis of the Economic and Financial Impact of Renewable
Energy Adoption in Nigeria looks into the financial and economic impact of
Nigeria's adoption of renewable energy. The study uses a variety of techniques.
Both quantitative and qualitative surveys are used. In more accurate terms, we
will try to include everyone in our study. We will also meet financial
institutions, industry players, community leaders and policy makers through
focus groups. The OLS regression technique is used for analysis of data in this
study. This aims to find out how renewable energy would impact costs. These
include the development of jobs and energy savings. Also, logistic regression
is used to predict the potential impact of the use of renewable energy. The
main findings show that there are important economic benefits for both people
and businesses when using renewable energy, including jobs and cost savings.
This paper pinpoints the challenges of a circular economy. Which are limits in
funding, policy fragmentation, infrastructure, technology, etc. Boskey also
states that there are social factors too which create awareness and people's
mistrust. As mentioned in the research article, having the political support
and financial capacity and sound public knowledge can promote renewable energy
use. The framework consists of energy transition dynamics, sustainable
development goals, innovation diffusion mechanisms and economic resilience
outcomes which help conceptualise the complex interrelationship of many facets.
It would be easier to harness Nigeria's massive renewable energy potential with
specialized financing options, consistent and effective policy enforcement, and
improved community involvement. The findings of the research will provide
knowledge that will help policy makers, investors, and other stakeholders
understand how investments in renewable energy will benefit Nigeria's economy,
improve energy security and ensure environmental sustainability.
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Pages:25-36
How to cite this article:
Ibrahim Musa, Yakubu Merimon Zephaniah, Kabiru Muhammed "Evaluation of the economic and financial impact of renewable energy adoption for sustainable development in Nigeria". International Journal of Finance and Commerce, Vol 7, Issue 4, 2025, Pages 25-36
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