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Financial Instability and the State of Environmental Quality in Nigeria

Ibrahim Muhammad Adam


Aminu Hassan Jakada


Ali Umar Ahmad


Ismail Aliyu Danmaraya


Abdullahi Daiyabu Marmara


Abdul-azeez Abubakar

Ibrahim Muhammad Adam 1 Aminu Hassan Jakada 1 ,
Ali Umar Ahmad 3
Ismail Aliyu Danmaraya 4
Abdullahi Daiyabu Marmara 1 Abdul-azeez Abubakar 1 

  1. Department of Economics and Development Studies, Federal University Dutse, Jigawa State Nigeria. 1

  2. Faculty of Maritime and Management, Universiti Malaysia Terengganu, Malaysia. 3

  3. Department of Economics, American University of Nigeria, Nigeria. 4

Pages: 318-331

DOI: 10.18488/journal.62.2021.85.318.331

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Article History:

Received: 20 May, 2021
Revised: 16 June, 2021
Accepted: 12 July, 2021
Published: 03 August, 2021


The study aims to look at the relationship between environmental quality and financial instability in Nigerian over the period of 1970 to 2019 respectively. The Autoregressive Distributed Lag (ARDL) model is used in estimating the short-run as well as the long-run relationship between financial instability and the quality of the environment. The results of the study reveal that financial instability has a significant and positive impact on CO2 emissions, implying that financial instability is lowering the quality of environment in Nigeria. In addition, consistency and strength are verified by the application of numerous tests of diagnostic. The research introduces new insights that would not only be of benefit in advancing prevailing research but may also be of specific concern to policymakers in the financial sector of the country and its starring role in enhancing the quality of the environment. The results recommend that to prevent financial instability and its effect on environmental degradation in the light of policy consequences, financial sector reforms should be implemented with great caution.
Contribution/ Originality
This study contributes to the existing literature as the first research considering Nigeria that establishes the Aggregate Financial Stability Index (AFSI) to investigate the relationship between financial stability and environmental quality. The AFSI is made up of sub-indices that measure the development, vulnerability, and soundness of the financial sector.


Finance, Instability, Environmental Quality, Multivariate Framework, ARDL, Nigeria.


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This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.


All authors contributed equally to the conception and design of the study.

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