Renewable energy, environment, and energy security: A case study of Nigeria

The climate has seen significant and severe changes in the last few decades as well as the present. Climate change impacts every region on Earth. The sea level is increasing due to the melting of the Polar ice sheets; while extreme weather events and frequent rainfall are becoming more regular in certain regions, others are experiencing an increase in extreme heat waves and droughts. This resulted from human activities, especially through the enormous consumption of non-renewable resources. The irrefutable need for energy can't be disregarded, but at the same time, its impact on the environment cannot be ignored. The effects of climate change are felt in various facets of our lives, making it a worrying concern and allowing the topic of Renewable energy to gain attention in recent times. Hence, countries across the globe attempt to move to cleaner alternative energy. Nigeria is not excepted from this important concern of energy security and climate resilience. This paper explores the economic implications of transitioning towards renewable energy sources to address these pressing issues in the Nigerian context. Nigeria heavily relies on fossil fuels, particularly oil and gas, for its energy needs. However, this dependence exposes the country to numerous vulnerabilities, including environmental degradation, energy insecurity, and climate change impacts. Renewable energy presents a viable alternative to fossil fuels, offering abundant, clean, and sustainable energy sources such as solar, wind, hydro, and biomass. Despite Nigeria's vast renewable energy potential, these resources still need to be explored due to barriers such as limited investment, inadequate infrastructure, and policy constraints. However, transitioning towards renewable energy offers Nigeria several economic benefits. To realize the economic potential of renewable energy and enhance climate resilience, policymakers must implement supportive policies and regulations to incentivize investment, strengthen institutional capacity, foster public-private partnerships, promote research and innovation, and raise awareness among stakeholders. With the help of the reviewed literature, this paper offers a concise framework for the economic impact of renewable energy and energy security on fostering climate resilience in Nigeria. The study adopts an exploratory research approach to carry out its findings. The study uses a descriptive research strategy to identify the features of the problem through description. Due to the constraints encountered throughout the research, the study used secondary data collection as the primary data collecting source, and data were analyzed utilizing a literature review and synthesis analysis. The research indicates that transitioning towards renewable energy is essential for Nigeria to mitigate climate change, enhance energy security, and foster economic development. Keywords: Environment, Renewable Energy, Energy Security, Climate Resilience and Economic Impact.