1.0: INTRODUCTION: Energy utilization is a core attribute of humanity. With increasing population also comes an increase in the demand for energy. The IEA in its World Energy Outlook, projects about 83% increase in global energy demand in the next 20 years (IEA 2014a). Although countries naturally turn fossil fuels as part of their energy mix due to its plentiful and reliable nature the same report reveals that there would be significant increase in renewables.
Aside the fact that fossil fuels are exhaustible, their combustion also has immense adverse effect on the climate with (GHG) emissions, capable of bringing the world to an abrupt end. Already, the cost of renewable energy is dropping across several countries, as at 2014, new wind power was cheaper than new coal and gas power in Australia, China and the United States (Sussams, et al 2015). Electricity from roof-top photovoltaic systems is also cheaper than grid supply in many countries and places across the world. (Chen 2014).
Being naturally replenishing resources, the place of renewable energy in the global energy mix is sacrosanct, and tireless effort is required in a bid to perhaps completely transition from fossil fuels to renewable sources of energy.
As the most populous country in Africa – a mineral rich continent – it is poignant to reflect of on the issues affecting the energy industry and the role of renewable energy technology for Nigeria. With renewable electricity as focus, the challenges of its deployment, as well as a review of existing commercial risks and policy instruments that could enhance the growth of industry are discussed in this article, with strategic recommendations proffered by comparing tested risk mitigation approaches and solutions that have been successful in other Countries across the globe.
