The tremendous and sharp fall in the prices of oil forced so many countries including Nigeria to source for an alternative for crude oil such as renewable energy which could have a negative impact on oil exporting countries globally. In addition, despite crude oil bring high revenue it has some negative consequences in the environment which include carbon emission, oil spillage and environmental degradation. Therefore, there is a need to assess renewable energy as an alternative source of income in Nigeria. This is because renewable energy is environmentally friendly and is sustainable. The reduction of Nigerian revenue recently as from 2014 downward that lead Nigerian economy into recession could be overcome if the revenue of Nigeria is enhanced using renewable energy sources. The study offers policy makers, such as Nigerian government the opportunity to diversify the economy and develop the renewable energy resources abundantly available in Nigeria.
Keywords: Renewable energy, crude oil, revenue, recession
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