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Energy Sustainability, Energy Financing and Economic Growth in Nigeria

Author

Listed:
  • Ademola Onabote

    (Department of Economics, Landmark University, Omu-Aran, Nigeria)

  • Ayobami Jolaade

    (Department of Economics and Development Studies, Covenant University, Ota, Nigeria.)

  • Romanus Osabohien

    (Department of Economics and Development Studies, Covenant University, Ota, Nigeria.)

  • Oghenetega Otobo

    (Department of Economics and Development Studies, Covenant University, Ota, Nigeria.)

  • Christian Ede

    (Department of Economics and Development Studies, Covenant University, Ota, Nigeria.)

  • Victoria Okafor

    (Department of Economics and Development Studies, Covenant University, Ota, Nigeria.)

Abstract

Increase in the global population growth has led to a simultaneous increased in demand for energy leading to increased fear of global warming. This situation has given the international community a cause for concern and as a result, countries are seeking alternative sources for cleaner and sustainable energy. The importance of utilising greener energy sources is evident in the United Nation s Sustainable Development Goals (SDGs), especially Goal 7, Target 2. This study examined the long-run relationship between economic growth, sustainable energy and the different financing options for sustainable energy in Nigeria. The Johansen Cointegration test was utilised in order to achieve this objective. The findings showed that different sources of sustainable energy and the different types of financing employed in Nigeria have different effects on the economic growth of Nigeria. A long-run relationship amongst all three variables was also established. These findings are an indication that with the right policies, SDG 7 could be achieved.

Suggested Citation

  • Ademola Onabote & Ayobami Jolaade & Romanus Osabohien & Oghenetega Otobo & Christian Ede & Victoria Okafor, 2021. "Energy Sustainability, Energy Financing and Economic Growth in Nigeria," International Journal of Energy Economics and Policy, Econjournals, vol. 11(1), pages 433-439.
    • Handle: RePEc:eco:journ2:2021-01-51
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    References listed on IDEAS

    as
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    1. Cordelia Onyinyechi Omodero & Uwuigbe Uwalomwa, 2021. "Energy Absorption, CO2 Emissions and Economic Growth Sustainability in Nigeria," International Journal of Energy Economics and Policy, Econjournals, vol. 11(4), pages 69-74.

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    More about this item

    Keywords

    Sustainable Energy; Energy Financing; Economic Growth; SDGs; Nigeria.;
    All these keywords.

    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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