Globalization, Renewable Energy, and Sustainable Economic Development in Nigeria
DOI:
https://doi.org/10.59413/ajocs/v7.i3.51Keywords:
Energy transition, Green growth, clean energy, Clean energy, Globalization, Decarbonization, Sustainable developmentAbstract
The Sustainable Development Goal 7 (SDG 7) “Ensure access to affordable, reliable, sustainable and modern energy for all" presents the framework within which Nigeria must transit to clean energy use, reduce carbon emissions, and ensure safe environments. This can adequately be achieved through technological transfers which is an outcome of globalization. The aim of this paper was therefore to examine how globalization and renewable energy affects sustainable development in Nigeria. The paper utilized data from 2000 to 2005 which was analysed using the Robust Least Squares (RLS) technique and Impulse Response Functions (IRFs). Findings from the RLS shows that globalization, renewable energy use, capital stock, and access to electricity positively affected sustainable development in Nigeria significantly. However, due to low public investment in renewable energy, our findings showcased that sustainable development is negatively affected by public investment in renewable energy significantly. The policy recommendations emanating from the study include strengthening institutional frameworks for globalization, scaling up renewable energy deployment, improving public investment efficiency, investing in human capital and labour market policies, and prioritizing energy access expansion.
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