article · UMYUK JOURNAL OF ECONOMICS AND DEVELOPMENT
Despite holding vast energy reserves, Nigeria has struggled to translate these resources into broader economic development. An examination of national time series data spanning from 1980 to 2020, evaluated through an autoregressive distributed lag co-integration model, establishes the empirical relationship between energy use and national economic expansion. The findings reveal that energy consumption, with electricity consumption highlighted in particular, delivers a significant positive impact on economic growth within the country. The interplay between energy consumption and economic performance is substantial. To capture these gains more effectively for overall development, targeted strategies are needed to improve energy efficiency and reinforce sustainable energy sources across the nation.
Understanding how energy use stimulates economic performance clarifies why power deficits impede national progress. Demonstrating that electricity consumption directly fuels growth confirms the necessity of expanding power availability. Directing resources toward efficiency and sustainable energy generation is therefore essential to turn vast natural reserves into tangible economic benefits.
The abstract outlines macroeconomic analysis rather than a practical product, placing the work at an early policy and planning stage. It primarily informs public authorities, grid operators, and energy planners seeking justification to invest in electricity infrastructure, efficiency programmes, and sustainable power initiatives. Beyond these policy recommendations, the abstract does not indicate a direct commercialisation pathway.
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Nigeria is a country blessed with vast energy resources. However, the country has not substantially benefitted economically from this resource. Although, energy consumption leads to economic growth but the indices of economic development speak otherwise. This study examined the impact of energy consumption on economic growth in Nigeria using time series data for the period of 1980 to 2020. The study adopted the Autoregressive Distributed Lag (ARDL) co-integration model to achieve objectives of the study. The results reveal a significant positive impact of energy consumption (particularly electricity consumption) on economic growth in Nigeria. Therefore, this study concludes that the interplay between energy consumption and economic growth is substantial in Nigeria. More to that, the study recommends that those in authority should strategise more to further enhance energy efficiency and strengthen sustainable energy sources to significantly foster economic development.
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DOI: 10.70861/ujed20250103005
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