Fossil fuels have been the mainstream of energy supply and a major source of foreign exchange earnings for the Federal Government of Nigeria, in spite of being an unrenewable and unsustainable source of energy. Nigeria is yet to tap into the full benefits after privatising its power sector, including the new global evolution in the energy sector and the resulting increasing demand for renewable energy sources, which some consider to be cheaper and more environmentally friendly than fossil fuels and their allied products. Energy security is a challenge to socio-economic development in Nigeria, due to the country’s over-dependency on fossil fuels. In terms of their impact and the potentials to preserve energy sources for longevity and sustainability, however, fossil fuels will come to be seen as an out-dated alternative in the power sector as the energy industry evolves. The implications for Nigeria’s oil sector will not be limited to dwindling crude oil prices. The concerns include poor energy utilisation in Nigeria and the need to promote energy efficiency and sustainability. They have led to the formulation of new energy policies around the world to serve as a vehicle for translating solutions into reality. This study has adopted a library-based legal research method with a comparative approach. The study reveals that it is the lack of a coherent legal framework with incentives for using renewable energy that is largely seen as the key issue causing slow uptake of renewable energy as an alternative source of energy in Nigeria. As well as the need for a coherent legal framework on energy and incentives for using renewable energy sources, the study advocates stringent enforcement of existing energy regulatory policies.
Advances in Underground Energy Storage for Renewable Energy Sources
