AN APPRAISAL OF ENERGY SECURITY IN NIGERIA

Abstract

Despite Nigeria's abundance in petroleum energy, its people lack access to it. Petroleum is Nigeria's main energy source, and 66% of the fuel used to power electricity generating plants comes from the gas industry. The primary export good and a significant source of foreign revenue for Nigeria is petroleum. If the product is properly utilised, it could make a significant contribution to the advancement of energy security and inspire Nigeria to diversify its energy resource base. Incorporating renewable energy into Nigeria's energy mix would promote poverty reduction and ensure more sustainable economic growth. Using the doctrinal approach, this paper examines the concept of energy security in Nigeria. It is crucial to take into account the legal and policy framework that affects the various sectors of this business in greater detail in order to unearth this sector's potential to support Nigeria's sustainable development. The paper seeks to identify and examine the root reasons of energy insecurity in Nigeria. The paper finds out whether the new law on Petroleum, that is, Petroleum Industry Act 2021 has made any improvement from the Petroleum Act of 1969 which fell short of any tangible provision to guarantee energy security in Nigeria.