Department of Banking and Finance
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Item Renewable Energy Financing and Sustainable Industrial Development in Nigeria(International Journal of Energy Economics a nd Policy 12(4), 2022) Asemota, Franklin Famous; Olokoyo, Felicia O.Due to the inability of renewable and non-renewable sources of energy to meet the ever-increasing industrial energy need in Nigeria, there is therefore need to explore various financing option available to execute renewable energy project that will contribute to the energy basket which will sustainably impact industrial development in Nigeria. Obtaining secondary data from World development indicator from 1980 to 2021, the study utilized the auto regressive distributed lag method to estimate the long run impact of renewable energy financing and sustainable industrial development in Nigeria. The findings reveal that the use of external debt for financing renewable energy as well the use of energy from Combustible waste source and alternate nuclear source significantly and positively determines the development of the industrial sector in Nigeria. While the use of taxation and donation to fund renewable energy as well as the use of energy source from hydroelectric were not contributing significantly to sustainable industrial development in Nigeria. The study further recommends that relevant framework that will make investment in renewable energy as well as the utilization of renewable energy to be attractive to various stakeholders in Nigeria should be established. The underlying downside risk in renewable energy utilization and financing must be address so as to mobilize sufficient private sector investment needed to drive sustainable industrial development in Nigeria.Item Attaining Sustainable Development in Africa through Renewable Energy Financing(International Journal of Energy Economics and Policy, 2025) Asemota, Franklin Famous; Olokoyo, Felicia O.; Adetiloye, Kehinde A.; Ehikioya, Benjamin IghodaloFinding a sustainable solution to climate change based on the unique attributes of Africa requires some well-structured bespoke green financial vehicles that will spur development not only from economic standpoint but also in the quality of the environment and social wellbeing of the populace. This study therefore examines the role renewable energy financing in harnessing sustainable development in Africa. The study thus employed the panel ARDL estimation technique to analyse this relationship while limiting the sample size to limited to Nigeria, South Africa, Kenya and Egypt representing countries with significant renewable energy investment from 1990 to 2023. Findings depict that in the short run, insignificant relationships were found between renewable energy utilisation and economic sustainability as well as between renewable energy utilisation and environmental sustainability. However, in the long run, the relationships are revealed to be both negative but statistically insignificant for economic sustainability but significant for environmental sustainability. The substantial negative effect of renewable energy usage on carbon emissions follows worldwide expectation and reflects clean energy as a solution to environmental deterioration. This study recommend that government should utilize both fiscal and monetary instrument to encourage renewable energy investment in Africa. This can be in the form of tax incentive and grant on green project that are executed in Africa. Foreign direct investment should be channelled to green project that promote skill enhancement and sustainable workforce. The use of tailored regulation to create a renewable energy market for local and foreign investor and at the same time creating an unfavourable environment for investment in fossil fuel in Africa.