Sustainable Energy Security for Nigeria Through Innovative Financing Mechanisms
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Date
2020
Journal Title
Journal ISSN
Volume Title
Publisher
Springer Nature
Abstract
The existence of a viable and efficient power sector is crucial to the development
of the social and economic development of any country. Against this background,
the present study examines challenges facing the Nigerian power sector that has
made it unable to contribute its quota to the development and growth of the country.
Literature and data reviewed indicate that Nigeria currently generates less than 50%
of available generation capacity, which is largely attributable to the existence of a
financing gap that has led to a non-viable and non-sustainable sector. The inability to
secure project finance for the sector undoubtedly hinders the attainment of Goal 7 of
the United Nations Sustainable Development Goal of access to affordable, reliable,
sustainable and modern energy for all. In view of the successes recorded with the use
of the auction and forfaiting models especially as it relates to developing countries,
the study proposes applying these models to the electricity sector in Nigeria in order
to garner the benefits derivable from their use.
Description
Keywords
Energy Security, Financing, Innovation