The Role of Green Taxation in Promoting Renewable Energy Investments in Nigeria: A Case Study of the Energy Sector
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Background of the Study
Green taxation refers to the imposition of taxes or levies on activities that harm the environment, designed to incentivize environmentally friendly practices and investments. In Nigeria, the energy sector is a major contributor to environmental degradation, particularly through the use of non-renewable energy sources like oil and coal. However, there has been a growing interest in promoting renewable energy investments to reduce carbon emissions and foster sustainable development (Adegboye & Aliyu, 2023).
The Nigerian government has introduced several green taxation policies aimed at encouraging the use of renewable energy sources, such as solar, wind, and hydroelectric power, and attracting investment in clean energy technologies. However, despite these efforts, renewable energy investments in Nigeria remain relatively low, partly due to economic constraints and regulatory challenges (Okereke & Nwankwo, 2024).
This study examines the role of green taxation in promoting renewable energy investments in Nigeria, focusing on the impact of policies and incentives on energy sector growth and environmental sustainability.
Statement of the Problem
Although Nigeria has implemented green tax policies to promote renewable energy investments, the impact of these policies on the energy sector’s transition to sustainable energy is unclear. There is a lack of empirical evidence on how green taxation has influenced private and public sector investments in renewable energy projects (Ogundele & Sulaimon, 2024).
This study investigates the effectiveness of green taxation in promoting renewable energy investments in Nigeria’s energy sector, focusing on the challenges and opportunities for growth.
Objectives of the Study
- To assess the role of green taxation in promoting renewable energy investments in Nigeria.
- To evaluate the impact of green tax policies on the energy sector's transition to renewable energy.
- To recommend strategies to enhance the effectiveness of green taxation in fostering renewable energy investments.
Research Questions
- How effective are green taxation policies in promoting renewable energy investments in Nigeria?
- What impact have green tax policies had on the energy sector’s transition to renewable energy?
- What strategies can improve the effectiveness of green taxation in Nigeria?
Research Hypotheses
- Green taxation policies have a positive impact on renewable energy investments in Nigeria.
- Green taxation policies contribute to the transition of Nigeria’s energy sector toward renewable energy.
- Enhancing green taxation policies will increase investments in renewable energy technologies.
Scope and Limitations of the Study
The study focuses on green taxation policies in the Nigerian energy sector from 2023 to 2025. Limitations include the challenge of isolating the effects of green taxation from other factors influencing renewable energy investments.
Definitions of Terms
- Green Taxation: Taxes imposed on activities or products that negatively impact the environment, intended to promote sustainability.
- Renewable Energy: Energy derived from natural resources such as sunlight, wind, and water, which are replenished naturally.
- Energy Sector: The segment of the economy that produces and distributes energy, including fossil fuels and renewable energy sources.
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