Overview

Original Research

THE NEXUS BETWEEN REMITTANCE AND RENEWABLE ENERGY IN NIGERIA

CHINWE R. OKOYEUZU 1, OKOROIWU KEMDI LUGARD 2, and WILFRED ISIOMA UKPERE 3.

Vol 19, No 07 ( 2024 )   |  DOI: 10.5281/zenodo.12800192   |   Author Affiliation: Department of Banking and Finance, University of Nigeria, Enugu Campus, Nigeria 1; Accountancy Department, University of Nigeria, Enugu Campus, Nigeria 2; Department of Industrial Psychology and People Management, School of Management, College of Business and Economics, University of Johannesburg, South Africa 3.   |   Licensing: CC 4.0   |   Pg no: 313-325   |   Published on: 17-07-2024

Abstract

The study, which aimed to ascertain the relationship between remittances and renewable energy, was conducted to obtain potential socio-economic and environmental effects of remittance inflows on the adoption of renewable energy technology in Nigeria. Employing secondary data from World Bank indicators, the study adopted an ARDL model (autoregressive distributed lag). The findings show a positive relationship between remittances and renewable energy uptake in the country. The research outcome provides useful insights for policymakers, scholars, and organizations that are working towards sustainable development. The study recommends that attention should be given to remittances' potential as a source of finance for renewable energy projects. The findings reveal that some factors that influence the distribution of remittances towards clean energy initiatives should receive attention. Finally, the findings provide an all-inclusive understanding of how remittance-based renewable energy initiatives contribute to sustainable development. The study contributes to the body of knowledge within the domain of the remittances and renewable energy nexus towards achieving development in Nigeria.

Keywords

Remittances, Renewable Energy, Sustainability, Energy, Poverty, Nigeria.