The impact of public investment in renewable energy on Nigeria’s growth: An evaluation of Ministry of Power policies.
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Background of the Study :
Public investment in renewable energy is increasingly recognized as a key driver of sustainable economic growth, particularly in energy-dependent economies like Nigeria. Between 2000 and 2020, the Ministry of Power implemented several policies aimed at diversifying Nigeria’s energy mix and reducing reliance on fossil fuels. These initiatives have focused on enhancing the capacity of renewable energy sources such as solar, wind, and hydroelectric power (Ogun, 2023). The infusion of public funds into renewable energy projects has not only contributed to environmental sustainability but has also spurred job creation, technological innovation, and improved energy access. The resulting benefits include reduced energy costs, enhanced energy security, and stimulation of local industries. However, challenges persist, including inadequate infrastructure, policy implementation delays, and limited private sector participation (Emeka, 2024). This study examines the economic impact of public investments in renewable energy and evaluates the effectiveness of Ministry of Power policies in promoting growth. By integrating quantitative analyses of investment trends and qualitative assessments from industry experts, the research aims to provide a holistic view of how renewable energy investments drive economic development and sustainability in Nigeria (Chinonso, 2025).
Statement of the Problem
Despite significant public investment in renewable energy, Nigeria’s economic growth remains hampered by implementation challenges and infrastructural deficits. The Ministry of Power’s policies, while ambitious, have encountered obstacles such as delayed project execution, limited private sector involvement, and inadequate technological support. These issues have undermined the potential of renewable energy investments to deliver consistent economic benefits. Consequently, the anticipated improvements in energy security and job creation have not fully materialized. This study seeks to understand the factors impeding the successful translation of public investment into tangible economic growth and to identify strategies to overcome these barriers, ensuring that renewable energy projects contribute more effectively to Nigeria’s overall development (Ogun, 2023).
Objectives of the Study:
1. To evaluate the impact of public investment in renewable energy on Nigeria’s economic growth.
2. To identify the challenges in the implementation of Ministry of Power policies.
3. To propose strategies to enhance the effectiveness of renewable energy investments.
Research Questions:
1. How has public investment in renewable energy affected economic growth in Nigeria?
2. What are the main challenges in implementing renewable energy policies?
3. What measures can improve the effectiveness of public investment in renewable energy?
Research Hypotheses:
1. Public investment in renewable energy positively influences economic growth.
2. Implementation challenges significantly reduce the benefits of renewable energy projects.
3. Improved policy frameworks can enhance the impact of renewable energy investments.
Significance of the Study (100 words):
This study is significant as it evaluates the impact of public investment in renewable energy on Nigeria’s economic growth. Its findings will aid policymakers and industry stakeholders in understanding the challenges and opportunities presented by renewable energy initiatives. By offering evidence-based recommendations, the research contributes to the advancement of sustainable energy policies and economic development in Nigeria (Ogun, 2023).
Scope and Limitations of the Study:
This study is limited to evaluating the impact of public investment in renewable energy under Ministry of Power policies in Nigeria. It focuses on renewable energy projects and does not extend to other sectors or regions.
Definitions of Terms:
1. Public Investment: The allocation of government funds to support public projects and infrastructure.
2. Renewable Energy: Energy derived from natural processes that are continuously replenished, such as solar, wind, and hydroelectric power.
3. Economic Growth: The increase in the production of goods and services in an economy over time.
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