RENEWABLE ENERGY MARKET ANALYSIS IN NIGERIA

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ABSTRACT

This thesis project research was conducted as part of the CONNECT project at Laurea Univer-sity of Applied Sciences. The project concerns the investigation of the current renewable en-ergy market entry and opportunities for Finnish small and medium-sized enterprises (SMEs) in the Nigerian economy. The goals is to support growth and accelerate the internationalization of small and medium-sized Finnish renewable energy companies within developing countries and to determine how they can achieve market entry in the renewable energy resource busi-ness in Nigeria.

There is great demand for electricity in the country due to its high consumption, and this the-sis will study the demand for renewable energy resources in Nigeria, identify the main com-petitors and discover the best periods for market entry in Nigeria.

A qualitative method of analysis was used in this thesis project, and a questionnaire survey was sent to three energy organizations in Nigeria. These included the International Centre for Energy, Environment & Development; the Energy Commission of Nigeria (ECN); and the Coun-cil for Renewable Energy in Nigeria.

The investigation of this thesis project provides information needed to establish renewable energy in rural and urban areas in Nigeria. The Nigerian government is encouraging energy companies to invest in the country and special energy policies for foreign investors have been organized, such as a tax reduction plan for energy investors, and the relaxing of energy poli-cy.


Nigeria is a nation with great potential for renewable energy solutions, such as sunlight which might be productive for solar power solution, and plentiful bio-waste for biomass energy pro-duction. The renewable energy solutions that Nigeria requires most are solar power, hydro-power, wind power, and biomass energy power and the best solution for the energy crisis in Nigeria is through the use of solar power solutions.


TABLE OF CONTENTS

1          Introduction
            1.1       Objectives  and Research questions
            1.2       Methodology
            1.3       Key definition
            1.4       Structure of the thesis

2          The Business Operating environment in Nigeria (PESTEL Analysis)
            2.1       Political factors
                        2.1.1    Politics and Administration
                        2.1.2    Government Policy
                        2.1.3    Central and Local Government Arrangements
                        2.1.4    Bureaucracy
                        2.1.5    International Relations
                        2.1.6    Corruption
                        2.1.7    Public ownership
                        2.1.8    Environmental policy
                        2.1.9    Taxation policy
                        2.1.10 Role of NGOs and community initiatives
                        2.1.11 Relationship  between Nigeria and Finland
            2.2       Economic factors
                        2.2.1    Economic stability
                        2.2.2    GDP Value and Growth
                        2.2.3    Employment
                        2.2.4    Inflation Rate
                        2.2.5    Current account structure
                        2.2.6    Labor Force
                        2.2.7    Exchange rate
                        2.2.8    Division of income
            2.3       Socio cultural factors
                        2.3.1    Population demographics
                        2.3.2    Geographical Division and Growth Centers
                        2.3.3    Society structure and social Group
                        2.3.4    General Culture in Nigeria
                        2.3.5    Business Culture in Nigeria
                        2.3.6    Human rights
                        2.3.7    Public Heath
                        2.3.8    Level of Literacy
            2.4       Technological Factors
                        2.4.1    Level of technology in renewable energy
                        2.4.2    Availability and cost of skilled employees
            2.5       Environmental factors
                        2.5.1    Geography
                        2.5.2    Climate and seasonal changes in temperature
                        2.5.3    Natural resources
                        2.5.4    Frequency of environmental catastrophes
                        2.5.5    The level of Infrastructure
                        2.5.6    Environmental issues and effects of climate change
            2.6       Legal Factors
                        2.6.1    General legislative system and enforcement of legislation
                        2.6.2    International law and implementation of international regulations
                        2.6.3    Legislations related to starting a company
                        2.6.4    Availability of company name through Corporate Affairs Commission
                        2.6.5    Preparation of the required document
                        2.6.6    Declaration of Compliance must be notarizing
                        2.6.7    Payment application into the CAC Bank account
                        2.6.8    Registration of Income VAT and income Tax
                        2.6.9    Registration of Personal Income Tax
                        2.6.10Local Government inspection of the company
                        2.6.11Other additional payment
                        2.6.12Employment legislation

3          Energy market in Nigeria
            3.1       The general electricity situation in Nigeria
            3.2       The Demand and Supply of electricity in Nigeria
            3.3       Renewable energy market in Nigeria
                        3.3.1    Current situation and outlook of the renewable energy market
            3.4       Energy Policy and Renewable Energy
            3.5       Government Authorities and supporting institutions in Nigeria
            3.6       Companies  and renewable energy Organization
            3.7       Renewable energy potential in Nigeria
                        3.7.1    Solar Energy
                        3.7.2    Wind Energy
                        3.7.3    Waste-to-energy
                        3.7.4    Biomass

4          Interview Analysis

5          Conclusions
            5.1       Future Research
            5.2       Recommendations
References
Figures
Tables
Appendix


1       Introduction

The Project research was conducted to the CONNECT project of Laurea University of Applied Sciences. The process deals with investigating the current renewable energy market and situ-ations for Finnish SMEs business investors in Nigeria.

There is higher demand for electricity in the country due to the high consumption and need for electricity, and this project is the plan to study the demand for renewable energy re-sources in Nigeria and to find out the main competitors and discover the best periods for market entry in the country via the micro and the macro environmental analysis.

The Nigerian government is wooing energy companies to come and invest in the country. Spe-cial energy policy for foreign investors is being organized, such as tax reduction for energy investors in the country, softening all policies related to energy.

Nigeria has a lot of renewable energy potential such as sunlight, which might be productive for solar power, and abundance bio-waste for biomass energy production. The renewable en-ergy products that Nigeria requires most are Solar, Hydro, Wind, & Bio-energy.



1.1     Objectives  and Research questions

The objective of the thesis is to contribute to the CONNECT project research by analyzing the discovering operating environment of investment and business in the energy sector of Nigeria, i.e. to know if the Finnish SMEs companies can invest in the country and the possibilities of renewable energy market entry in Nigeria and how to helps the inter-nationalization of the Finnish Small and Medium scale Enterprises (SMEs) to invest in Nigeria.

The research questions of the thesis are based on the operating environment of investment and business in the energy sector of Nigeria. The key research questions are as follows:

Is it advisable for the Finnish renewable energy companies invest in Nigeria?



What renewable energy sources have a better potential to be a growing and developing in-vestment in Nigeria?

1.2     Methodology

The method used in thesis projects is qualitative research method, which can be refers as scientific researches that consist of investigation that collect evidence, produce findings that are undetermined in advance, need answers to a question, producing information’s that are application beyond the immediate areas of study and use a predefined set of procedures to answer the question.

It is also important for information collections to maintain clear boundaries between in-formation they received by the participant and what they ask the participant. Furthermore, questionnaire was carefully prepared and directed to renewable energy NGO’s (International Centre for Energy, Environment & Development and Council for Renewable Energy in Nigeria) and the Nigerian government organization called the Ministry of Energy. The questionnaire was vital for the aims and objectives of the thesis as part of the CONNECT project require-ment. Majority of the questions asked were related to the PESTELS factors.

The questionnaire format is related to questions based on suggestions, energy situation and government incentives and support in establishing a company in the Nigerian market.

The questionnaires are based on their understanding of the energy situation, the availability of renewable energy resources, the level of energy competition companies in the country, the economic and environmental competitive, which were sent to them, via their email address and there was also a follow up by telephone in other to hastening them for responses.

The investigation of this thesis project provides information needed to establish renewable energy in the rural and urban areas that are in need of energy in the country.

Literature reviews is still part of the methodology used in the PESTEL analysis of the project where information are being gathered from different sources, documented, evaluated and presented.

1.3     Key definition

Renewable energy can be refers to as a natural energy at which its energy supply is limited.

Renewable energy can never run and can be used again and again.



Renewable energy has been in use for so many years in different ways. An example is how the primordial human used the application of wind for sailing; rather the same wind is now used for electricity generation in the modern era.

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This is a General Thesis for both Undergraduate & Postgraduate Studies. The complete research material plus questionnaire and references can be obtained at an affordable price of N3,000 within Nigerian or its equivalent in other currencies.


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