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Prospects of Solar Energy Exploration in Nigeria: Assessments, Economic Viability and Hybrid System

Author

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  • Wasiu Olalekan Idris

    (Renewable Energy and Power Research Interest Group, Eastern Corridor Renewable Energy, Universiti Malaysia Terengganu, 21030, Kuala Terengganu, Terengganu, Malaysia; & Faculty of Ocean Engineering Technology and Informatics, Universiti Malaysia Terengganu, 21030, Kuala Terengganu, Terengganu, Malaysia)

  • Mohd Zamri Ibrahim

    (Renewable Energy and Power Research Interest Group, Eastern Corridor Renewable Energy, Universiti Malaysia Terengganu, 21030, Kuala Terengganu, Terengganu, Malaysia; & Faculty of Ocean Engineering Technology and Informatics, Universiti Malaysia Terengganu, 21030, Kuala Terengganu, Terengganu, Malaysia)

  • Aliashim Alibani

    (Renewable Energy and Power Research Interest Group, Eastern Corridor Renewable Energy, Universiti Malaysia Terengganu, 21030, Kuala Terengganu, Terengganu, Malaysia; & Faculty of Ocean Engineering Technology and Informatics, Universiti Malaysia Terengganu, 21030, Kuala Terengganu, Terengganu, Malaysia)

Abstract

The recent happenings in the world such as flood and wild forest fire were as a result of climate effect as being envisaged by scientists. It is urgent now to adopt a source of energy that will eliminate this effect on our universe. Solar energy is the major energy means that is abundant which could be utilized. In this review, the prospects of solar energy exploration were studied in Nigeria which include assessments, economic viability and hybrid systems. Findings show higher potential in the North as compared to the Southern region. Additionally, potential of offshore solar energy system was simulated by considering 2002 to 2021 data sets (20 years) from Era5-land base. Their monthly mean, seasonal changes and annual mean value were estimated. The algebraic annual solar radiance for 2002 and 2003 were highest valued at 34,914.732 kWhm_2 while the least occurred in 2008 as 26,967.168 kWhm-2. Suggestions were made due to the present status of solar energy utilization that will enhance its maximum usage and development. One of these is the establishment of a functioning financial scheme and the database for all renewable energy systems. When all these are put in place, the energy supply will increase, climate effect will be reduced, and the economy will be boosted.

Suggested Citation

  • Wasiu Olalekan Idris & Mohd Zamri Ibrahim & Aliashim Alibani, 2024. "Prospects of Solar Energy Exploration in Nigeria: Assessments, Economic Viability and Hybrid System," International Journal of Energy Economics and Policy, Econjournals, vol. 14(2), pages 676-686, March.
    • Handle: RePEc:eco:journ2:2024-02-67
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    References listed on IDEAS

    as
    1. Adesanya, Adewale Aremu & Schelly, Chelsea, 2019. "Solar PV-diesel hybrid systems for the Nigerian private sector: An impact assessment," Energy Policy, Elsevier, vol. 132(C), pages 196-207.
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    More about this item

    Keywords

    Solar Photovoltaic System; Renewable Energy System; Solar Radiation; Net Present Value; Cost of Electricity;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law

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