An evaluation of government policies’ role in promoting renewable energy investment in Nigeria: A case study of the Ministry of Power (2000–2020)
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Background of the Study :
Renewable energy is increasingly viewed as a sustainable solution to meet growing energy demands and reduce environmental degradation. In Nigeria, government policies under the Ministry of Power have sought to promote investments in renewable energy sources such as solar, wind, and hydroelectric power between 2000 and 2020. These policies include fiscal incentives, regulatory reforms, and public–private partnerships designed to attract investment, lower energy costs, and reduce reliance on fossil fuels (Okonkwo, 2023). Empirical studies suggest that supportive policy frameworks are essential to overcoming market barriers and stimulating renewable energy investments (Adeniyi, 2024). However, challenges such as bureaucratic delays, inadequate infrastructure, and fluctuating regulatory standards have often impeded progress. This study examines the role of government policies in driving renewable energy investment by analyzing investment trends, policy effectiveness, and energy output improvements. The aim is to evaluate the success of these policies and recommend measures to further enhance renewable energy adoption in Nigeria.
Statement of the Problem
Despite policy initiatives aimed at promoting renewable energy, investment levels in Nigeria remain low relative to potential. Issues such as regulatory inconsistencies, administrative bottlenecks, and insufficient infrastructural support hinder effective policy implementation. These challenges prevent the full realization of renewable energy benefits and limit progress toward sustainable energy development. This study seeks to identify the key factors that undermine the impact of renewable energy policies and to assess their effectiveness in stimulating investment. Addressing these problems is essential for developing a more robust and attractive renewable energy sector in Nigeria (Okonkwo, 2023; Adeniyi, 2024).
Objectives of the Study:
1. To assess the effectiveness of government policies in promoting renewable energy investment.
2. To identify challenges in policy implementation.
3. To propose recommendations for enhancing renewable energy investment.
Research Questions:
1. How effective are current policies in attracting renewable energy investments?
2. What are the main challenges hindering policy implementation?
3. What reforms can improve investment levels?
Research Hypotheses:
1. H1: Government policies positively affect renewable energy investments.
2. H2: Administrative inefficiencies negatively impact policy outcomes.
3. H3: Enhanced policy incentives increase investment levels.
Significance of the Study (100 words):
This study offers essential insights into the role of government policies in promoting renewable energy investments in Nigeria. Its findings will guide policymakers in refining incentives, improving regulatory frameworks, and overcoming administrative challenges, thereby fostering a sustainable energy future and contributing to environmental and economic benefits (Chukwu, 2025).
Scope and Limitations of the Study:
The study is limited to evaluating renewable energy investment policies by the Ministry of Power from 2000–2020, focusing on policy analysis and investment data.
Definitions of Terms:
1. Renewable Energy: Energy derived from natural, renewable sources such as solar, wind, and hydro.
2. Government Policies: Legislative and regulatory measures implemented by the state.
3. Investment: The allocation of resources to generate economic returns.
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