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Energy Consumption and Economic Growth in Nigeria: A Causality Analysis

Rasheed Oyaromade

,

Adagunodo Mathew

,

Bamidele P. Abalaba

Rasheed Oyaromade 1

Adagunodo Mathew 2 Bamidele P. Abalaba 2 

  1. Department of Economics College of Management and Social Sciences Osun State University, Okuku 1

  2. Department of Economics College of Management and Social Sciences Osun State University, Okuku Campus Okuku, Osun State 2


Abstract:

This paper attempts to investigate the relationship between total energy consumption and economic growth in Nigeria using Granger Causality. The two variables of the study – energy consumption and real GDP were found to exhibit unit root property, i.e. non-stationary. The study finds no clear relationship between energy consumption and economic growth. Real GDP was found not to cause energy consumption while energy consumption was also found not to cause real GDP. As astounding as this result may be, it portends potential policy implications for the economy including the need to implement policies that link energy consumption with growth generating activities.

Contribution/ Originality

Keywords:


Reference:

  1. Altinay, G. and E. Karagol, 2005. Electricity consumption and economic growth: Evidence from Turkey. Energy Economics, 27(6): 849-856.
  2. Central Bank of Nigeria, 2010. Annual report and statement of account, Abuja (2010).
  3. Energy Information Administration, 2011. Nigeria Country Energy Profile.
  4. Ghosh, S., 2002. Electricity consumption and economic growth in India. Energy Policy, 30(2): 125-129.
  5. Kraft, J. and K. A., 1978. On the relationship between energy and GNP. Journal of Energy Development, 3: 401-440.
  6. Lee, C.C., 2005. Energy consumption and GDP in developing countries: A cointegrating panel analysis. Energy Economics, 27(3): 415-427.
  7. Morimoto, R. and C. Hope, 2004. The impact of electricity supply on economic growth in Sri-Lanka. Energy Economics, 26(1): 77-85.
  8. Narayan, P.K. and S. Narayan, 2005. Estimating income and price elasticities of imports for Fiji in a cointegration framework. Economic Modelling, 22(3): 423-438.
  9. Oshikoya, W.T., 2007. Nigeria in the global economy. Business Economics: 32, 36-49.
  10. Yu, S.H. and J.Y. Choi, 1985. The causal relationship between energy and GNP: An international comparison. Journal of Energy and Development, 10: 249-272.

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Funding:

Competing Interests:

Acknowledgement:


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