Economic And Financial Implications of Renewable Energy Adoption in Nigeria: Policy Frameworks, Financing Mechanisms, And Sustainable Growth Outcomes

This study examines the economic and financial implications of renewable energy adoption in Nigeria, focusing on the role of policy frameworks, financing mechanisms, and sustainable growth outcomes. Using a mixed-methods approach, data were collected from 300 respondents through structured questionnaires and supplemented with secondary sources. Descriptive and inferential statistical analyses, including Ordinary Least Squares (OLS) and Logistic Regression models, were employed to evaluate the economic benefits of renewable energy, factors influencing adoption, and the effectiveness of financing and policy interventions. Findings reveal that renewable energy adoption significantly enhances economic outcomes, including job creation, cost savings, energy security, and local development. The study identifies access to financing, public awareness, and supportive policy frameworks as critical determinants of adoption, with innovative financing mechanisms such as green bonds and public–private partnerships playing a key role in overcoming financial constraints. Additionally, the results emphasise the importance of targeted government incentives and community engagement initiatives in promoting sustainable energy transition. The study concludes that coordinated efforts among government, private sector, and civil society are essential to maximise the economic and developmental benefits of renewable energy adoption. These insights provide practical guidance for policymakers and stakeholders seeking to leverage renewable energy to drive sustainable economic growth in Nigeria.

Ibrahim Musa, Yakubu Merimon Zephaniah, Sule Magaji, & Muhammad Shettima Daluma. (2026). Economic And Financial Implications of Renewable Energy Adoption in Nigeria: Policy Frameworks, Financing Mechanisms, And Sustainable Growth Outcomes. EIRA Journal of Multidisciplinary Research and Development (EIRAJMRD), 2(2), 39–50. https://doi.org/10.5281/zenodo.19036277