Fundamentally, it will let people trade energy amongst themselves, putting control into the hands of those consuming energy, rather than purely those who supply it. This, in turn, creates a bigger push towards more renewable energy projects: wind, solar and hydro producers can easily connect directly with investors – a distributed system, it allows for the middleman to be removed. As well as this, Blockchain technology lets energy producers make more money by issuing energy tokens that can either be consumed or resold, creating a clean, multidimensional grid.

“Blockchain lets energy producers make more money by issuing energy tokens that can either be consumed or resold, creating a clean, multidimensional grid.”

Blockchain technology, therefore, creates a decentralised energy sharing economy, where power can be exchanged between peers, stabilising the grid. Blockchain technology will allow for a more secure, cost efficient, low carbon grid – forging a stronger path towards a zero-carbon world. Blockchain expertise is invaluable in the Renewable Energy sector. 

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Moreover, not all energy is efficient, reliable, or sustainable. This energy includes everything from fossil fuels to renewable energy. In this article, we investigated the best energy source in Nigeria. Also, we identified the best energy source that can meet the country’s energy needs.

Source of Energy in Nigeria

Energy is regarded as a country’s most valuable resource. It is common knowledge that a country’s high rate of industrial growth is a function of the amount of energy available in that country and the extent to which that energy is utilized. The following are Nigeria’s energy sources:

1. Oil and Gas

Nigeria is Africa’s largest producer of oil and gas. The country has the continent’s largest oil and gas reserves, accounting for more than 80% of its export revenue. For decades, oil and gas have been the backbone of the Nigerian economy. However, they have not been the most efficient or dependable source of energy for Nigerians.

The government subsidizes gasoline prices, resulting in fuel scarcity and long lines at gas stations. Furthermore, Nigeria’s gas supply infrastructure is inadequate, resulting in flaring and gas waste.

2. Hydro Power

Another source of energy in Nigeria is hydropower. The country has a number of hydroelectric dams, including the Kainji Dam and the Shiroro Dam. These dams produce electricity, which is fed into the national grid. However, several factors have hampered the efficiency and reliability of hydroelectric dams, including poor maintenance, insufficient funding, and low water levels in the dams.

3. Renewable Energy

The Renewable energy has gained global attention in recent years as a sustainable and reliable source of energy. Renewable energy sources such as solar, wind, and biomass are abundant in Nigeria. The country has high levels of solar radiation, making it an ideal location for solar energy production. Furthermore, the country has a significant potential for wind energy production, particularly in the north. Furthermore, Nigeria has a large number of biomass resources that converts into energy.

The Nigerian government recognizes the importance of renewable energy and has made efforts to increase its use. In 2015, the government unveiled the National Renewable Energy and Energy Efficiency Policy, with the goal of increasing the share of renewable energy in the country’s energy mix.

Also, the government has implemented several initiatives, such as the Solar Power Naija Project, which aims to provide electricity to rural communities through solar energy.

Find out about: The Alternative sources of energy

Benefits of Source of Energy in Nigeria

The adoption of renewable energy sources will not only provide access to electricity but also create jobs and improve the quality of life for Nigerians. Below are some of the benefits of the source of energy in Nigeria;

1. Job Creation

The oil and gas industry are a significant employer in Nigeria, providing direct and indirect employment opportunities. This industry has offered numerous job opportunities in fields such as engineering, catering, and public health.

2. Revenue Generation

The revenue generated from oil and gas exports contributes significantly to the country’s Gross Domestic Product (GDP). Helping to finance government programs and infrastructure development.

3. Fuel for Transportation

Oil and gas are the primary fuels for transportation in Nigeria, powering cars, buses, and trucks. Thus, the fuels we use for transporting our vehicles are from a source of energy, fuels such as diesel.

4. Renewable Energy

Hydropower is a renewable source of energy. Moreover, the energy generated does not produce greenhouse gas emissions, making it environmentally friendly. So, renewable energy is the best source of energy because they are from a reliable source.

5. Low Operational Costs

Once the hydroelectric dams are constructed, the operational costs are relatively low, making it a cost-effective source of energy.

6. Reliable and Sustainable Energy Source

Hydropower is a reliable source of energy, as long as there is a steady supply of water to the dams. Also, the solar energy which is gotten directly from the sun is another reliable source of energy. So, we utilize this energy to power residential and commercial buildings. Renewable energy is a sustainable source of energy that does not deplete natural resources.

8. Rural Electrification

W use renewable energy sources such as solar and biomass to provide electricity to rural areas that are not connected to the national grid.

Read about: The Solar Bill in Nigeria

Best Source (s) of Energy in Nigeria

Nigeria is a country blessed with an abundance of natural resources, including various sources of energy. The energy resources in Nigeria is broadly categorized into two: non-renewable and renewable.

Non-Renewable Energy Sources

1. Oil: Nigeria is the largest oil producer in Africa and the 12th largest oil producer in the world, with an estimated reserve of over 37 billion barrels. Oil is the primary source of energy in Nigeria, accounting for over 80% of the country’s export revenue.

2. Natural Gas: Nigeria has the ninth-largest natural gas reserves in the world, with an estimated reserve of over 202 trillion cubic feet. We use Natural gas for power generation, domestic and industrial use, and as feedstock for the petrochemical industry.

3. Coal: Nigeria has a coal reserve of over 2 billion metric tons, but it is largely untapped. So, we use coal to generate electricity, heat buildings, and for industrial purposes.

Some Renewable Energy Sources

1. Hydro Power: Nigeria has several dams that can generate hydroelectric power. Hydropower is a renewable source of energy that does not produce greenhouse gas emissions.

2. Solar Power: Nigeria is located in a region with abundant sunlight, making solar energy a viable source of energy. We use solar power to off-grid and on-grid electricity generation and for heating water.

3. Wind Power: Nigeria’s coastal regions have the potential for wind energy development. For electricity generation, we use wind power.

4. Biomass: Nigeria has several biomass resources that converts into energy, such as agricultural waste, wood, animal waste, municipal solid waste, and industrial waste.

While non-renewable energy sources such as oil and gas have been the primary sources of energy in Nigeria, the country is recognizing the importance of renewable energy as a sustainable and reliable source of energy

Conclusion

While Nigeria has several sources of energy, It is good to know that renewable energy is the best source of energy for the country. Additionally, it is sustainable, reliable, and has the potential to provide electricity to all Nigerians, especially those in rural areas.

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Prof. Eli Jidere Bala, Director-General/Chief Executive Officer (CEO), of the Energy Commission of Nigeria (ECN) stated to The Nation Newspaper. That we can achieve Nigeria’s goal of accelerating economic growth at a rate between 11% & 13%; through the exploitation of alternative sources of energy. He added that utilizing an alternative source of energy is essential. Especially to the country’s goal of being one of the top 20 economies in the world by 2020. Solar, wind, biomass, hydropower, ocean wave, tidal, and geothermal are a few such alternative energy sources. They are crucial to Nigeria’s economic growth.

In the same vein, Mrs. Abimbola Fashola. The wife of the former Governor of Lagos State, asserted that due to their environmental friendliness. There has never been a better time to adopt alternative energy sources. She suggested that Nigeria should investigate the possibility of turning garbage into energy through the State Ministry of Environment. Where waste is used to create power in various markets. She claims that alternative energy sources are not only more affordable and healthier but also have access to raw resources.

According to Dr. Ogbonnya Onu, Minister of Science and Technology, the Federal Government is actively looking into an alternative source of energy. According to Onu, his ministry is promoting research and study innovations in wind energy, biomass energy, solar energy, and hydropower. This is so that the nation may utilize resources that will not be depleted over time. Also, he continued by saying that Nigeria needed to diversify its energy supply. Hence, he pointed out that one area in which the nation had a huge edge was renewable energy. Onu, said that the investigation of renewable energy cannot only produce jobs but also increase wealth and lessen poverty in rural regions.

Dr. Ayoade Adewopo also stated in a statement published by the PUNCH Newspaper. This was after he gave a lecture at a roundtable conference on “Sustainable Development for Nigeria: Factors militating against her progress and the way forward”. He maintained that one of the main causes of Nigeria’s economy’s failure to expand is insufficient power generation. This is due to the electricity problem harming local enterprises and impairing the livelihoods of peasant farmers, craftspeople, and market vendors. Meanwhile, these individuals ought to have been actively advancing the nation through their activities.

Read Also: The Best Source of Energy

He suggested that the Federal Government should de-regulate the energy industry. Also, provide the states with the freedom to produce and research any alternative source of energy. Which could be solar, wind, biomass, coal, hydro or gas, to aid their populations’ consumption on their terms and at their speed. Additionally, in Nigeria, experts have emphasised how renewable energy sources can satisfy the nation’s energy demands. While simultaneously fostering economic growth and minimising environmental effects.

Furthermore, by 2026, the annual worldwide demand for biofuels is expected to have reached 186 billion litres. This was according to the Director General, who spoke on behalf of the Deputy Director of NABDA, Dr Shakirat Ajenifuja-Solebo. By comparison, the demand for biofuels increased by 28%. Also, Abdullahi Mustapha, the Chief Executive Officer of the National Biotechnology Development Agency, spoke about the number of biofuels predicted to be consumed in 2030. Saying it is 45% made up of wastes, residues, and special crops that did not compete with food crops.

Hence, Mustapha pointed out that Nigeria may achieve self-sufficiency in the domain of alternative source of energy. Especially if it could sustainably utilise indigenous bioenergy capacity and relevant technologies like biotechnology. He continued by saying that this will reduce carbon emissions and improve the nation’s trash management.

More so, Dr Akinwumi Adesina, President of the African Development Bank (AfDB), expressed his viewpoint on The Cable. He urged Nigeria and other African nations to invest in alternative source of energy for growth. He also said that using alternative energy sources may aid in reducing poverty, enhancing energy security, and halting climate change. Massive expenditures should be on a variety of energy sources, such as gas, hydropower, and large-scale solar arrays. So, this will assist industrial mini-grids to concentrate electricity in industrial zones. It will also help to guarantee reliable baseload power for companies, and direct power preferentially to industries.

Anu Ogunro, on Business Day Nigeria has argued for the adoption of alternative energy sources like solar and wind power to address Nigeria’s energy demands. In contrast to conventional sources like oil and gas, he contends that solar and wind power are more ecologically benign and sustainable. Thus, He has demanded an improve in government assistance for the growth of alternative source of energy in the nation. Anu, also said that incentives and regulations that promote investment in renewable energy can help Nigerians innovate and build new employment. He thinks renewable energy technology can aid in bridging Nigeria’s energy access gap and lessen reliance on the national grid.

Final Note

The utilisation of alternative source of energy is becoming more crucial as the globe struggles to address issues. Such as climate change, energy security, and sustainable development. Experts in Nigeria are increasingly in agreement that spending on alternative energy sources can help promote innovation, provide employment opportunities. As well as expand access to power in both urban and rural regions.

To overcome the obstacles to the adoption of alternative energy sources. However, there are still many obstacles we need to address. Such obstacles include the need for greater research, funding, and government backing. Ultimately, we need a coordinated effort from decision-makers, industry leaders, and society as a whole to make the transition to a more sustainable and resilient energy system in Nigeria easier and possible.

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