Energy Efficiency and Management as Panacea to Economic Stability in Nigeria

Abstract

For any country to achieve effective growth and development, its energy has to be diversified. Nigeria depends on mono-cultural crude oil as the main source of energy which is unsustainable and this contributed solely to the economic recession in the country. Therefore, dependence on one energy source will not guarantee the energy security needed in economic sectors such as transportation, education, health, banking, security, factories etc. The paper examines how alternatives to fossil fuel can contribute in the attainment of Nigeria's economic growth and development in terms of energy efficiency and management. On the other hand, the reviews show that neglecting utilization of renewable energy sources such as wind, solar energy, geothermal, biomass poses a major threat to the attainment of energy security in the country. Mitigation to this challenge includes sectorial funding, research and development, promotion of energy efficiency and conservation management, and effective energy pricing policy.