Appraisal of Legal and Institutional Mechanisms for Promoting Energy Security for Sustainable Development, Energy Equity and Economic Prosperity in Nigeria

Abstract

The Nigeria energy security issues cuts across availability, affordability, reliability, and environmental sustainability. The paper explores the intricate relationship between legal frameworks and institutional structures designed to ensure energy security for sustainable development, equity, and economic prosperity and illuminates how nations can adeptly navigate energy transition while balancing competing interests and priorities. It also outlines the responsibility of national governments to ensure fair and equitable access to energy for people, without causing harm to nature and the climate. The paper adopts a mix research methodology by conducting an in-depth examination of existing legal and institutional mechanisms at the national, regional, and international levels to highlight best practices, emerging trends, and innovative approaches that can help bolster energy security, foster equity in energy access, and safeguard the right to affordable energy supply in Nigeria. It also conducts a comparative case study analysis of successful legal and institutional mechanisms for energy security in Norway and extracts valuable lessons for Nigeria such as identifying and considering all different interests in developing a robust energy framework. The paper finds that currency convertibility, financing structures, insecurity, the availability and affordability of technology supply and technical know-how in the renewable energy sector are some of the challenges of energy security in Nigeria and therefore it, offers insights to guide decision-making processes and influence the future trajectory of energy governance. It concludes that the implementation of robust legal frameworks and institutional structures will significantly enhance energy access, energy efficiency and renewable energy development in Nigeria and drive sustainable development and economic prosperity.