Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Vol. 10 No. 6 (2023): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah

Nexus of energy efficiency, carbon emission and economic growth in Nigeria

Danfoso Adama Tijani (Department of Economics, Faculty of Social Sciences, Nigeria Defence Academy, Kaduna, Kaduna State, Nigeria)
Olure-Bank Adeyinka (Department of Economics, Faculty of Art, Management, and Social Sciences, Atiba University Oyo, Oyo State, Nigeria)
Dennis Michael (Department of Economics, Faculty of Social Sciences, Nigeria Defence Academy, Kaduna, Kaduna State, Nigeria)



Article Info

Publish Date
28 Feb 2023

Abstract

Given rising temperatures, climate change, the alarming increase in energy demand, and the importance of energy efficiency, there is a need for an increasing review subject matter. In this sense, policymakers develop various measures, including renewable adoption and energy efficiency. This study examined the causal effect of oil production and carbon emission from gas flaring on the economic growth rate in Nigeria from 1980-2021. The findings revealed that economic growth and energy consumption significantly increases energy-related emissions. An increase in income level influences investors and industrialists to invest in the industrial sector, increasing production, diversification, and expansion. However, increased production and expansion of industries increase energy demand. Energy demand met by consuming fossil fuel increases energy-related emissions in Nigeria and negatively affects environmental quality. More importantly, carbon emission impedes environmental sustainability and sustainable economic growth in Nigeria. The study is relevant to the post-2015 Sustainable Development Goals agendas for two fundamental reasons: the world needs Sustainable Development Goal 7 – ensuring access to affordable, reliable, sustainable, and modern energy by 2030. (b) Large extractive industries primarily drive growth in Nigeria, and the country's population is expected to double in about 30 years. Energy efficiency for inclusive development is very welcome. This is essential because studies have shown that the increase in unemployment (resulting from the underlying demographic change) would be accommodated by only the private sector, not the public sector.

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Journal Info

Abbrev

JES

Publisher

Subject

Economics, Econometrics & Finance

Description

Jurnal Perspektif Pembiayaan dan Pembangunan Daerah (The Journal of Perspectives on Financing and Regional Development) is an open-access, peer-reviewed international forum for scientists involved in research to publish high quality and refereed papers. Jurnal Perspektif Pembiayaan focuses on ...