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Analysis on the Impact of Energy Consumption and Green Growth in Nigeria

2023
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Release : 2023
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Book Synopsis Analysis on the Impact of Energy Consumption and Green Growth in Nigeria by : Basiru Haliru

Download or read book Analysis on the Impact of Energy Consumption and Green Growth in Nigeria written by Basiru Haliru. This book was released on 2023. Available in PDF, EPUB and Kindle. Book excerpt: Access to clean and modern energy constitutes a colossal challenge confronting not only Nigeria but also Africa as a whole. This is due to the fact that energy is an indispensable requirement for the socio-economic development of any nation. The primary aim of this research is to evaluate the impact of energy consumption on green growth in Nigeria, with a focus on renewable energy. To achieve this objective, time series data spanning over four decades (1980-2021) were collected from both domestic and foreign reputable organizations, including the World Bank's World Development Indicators (WDI), the International Energy Administration portal, and the National Bureau of Statistics (NBS) through its annual statistical bulletin. The study adopted the Autoregressive Distributed Lag Model (ARDL) to investigate the influence of energy consumption and selected variables such as Foreign Direct Investment (FDI), Openness (OPN), and Carbon Tax (C02 tax) on Green Growth in Nigeria. The findings from this research revealed that green growth has a statistically significant positive relationship with its first lag and current value at a 1% level of significance. Furthermore, it was discovered that there is a positive and statistically significant relationship between electricity (energy) consumption and green growth in Nigeria. However, the results indicated a negative and statistically insignificant relationship between foreign direct investment and green growth. Based on these results, it is highly recommended that the Nigerian government pays more attention to the development of renewable energy sources. This variable is crucial in determining green growth and is essential for the progress of the modern economy. Thus, the government must shift its focus from carbon emissions caused by energy production to more modern green energies that foster economic growth. Additionally, the research demonstrated that the more electricity is consumed, the greater the demand for it, necessitating the government to ensure the stability of electricity supply. This may be the result of the entry of new industries, plants, and other related activities.

Renewable Energy Consumption and Economic Growth in Nigeria

2023
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Release : 2023
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Book Synopsis Renewable Energy Consumption and Economic Growth in Nigeria by : George Umeji

Download or read book Renewable Energy Consumption and Economic Growth in Nigeria written by George Umeji. This book was released on 2023. Available in PDF, EPUB and Kindle. Book excerpt: The impact of renewable energy consumption on economic growth in Nigeria, is aimed at establishing the relationship between renewable energy consumption and economic growth in Nigeria. The oil price volatility in the international oil market in the last decade has led to a substantial rise in the demand for renewable energy sources. Nevertheless, the provision of energy needed for growth and at the same time mitigating against its hazardous effects on the environment is a major world problem. The paper used secondary data from the World Bank data bank from 1990 to 2020 for its analysis. It used Toda-Yamamoto augmented granger causality test to test for the nature of the relationship between the two variables and Auto Regressive Distributive Lag (ARDL) bounds test to examine the impact of renewable energy consumption on economic growth. The study found a bi-directional relationship between the variables. The regression results also showed a significant positive impact of renewable energy consumption on economic growth. The work concluded that renewable energy consumption enhances economic growth in Nigeria. It therefore, recommends that government should encourage investments in the renewable energy sector by providing conducive business environment and also create awareness on the importance of the use of renewable energy in the country.

Energy Policies for Sustainable Development Strategies

2016-05-18 Business & Economics
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Release : 2016-05-18
Genre : Business & Economics
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Book Rating : 740/5 ( reviews)

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Book Synopsis Energy Policies for Sustainable Development Strategies by : Nnaemeka Vincent Emodi

Download or read book Energy Policies for Sustainable Development Strategies written by Nnaemeka Vincent Emodi. This book was released on 2016-05-18. Available in PDF, EPUB and Kindle. Book excerpt: In this book, a number of long-term energy scenarios are developed for Nigeria considering the impact of vital factors that may influence energy policies in the country’s future energy system. The energy scenarios were developed through the Long-Range Energy Alternatives Planning System (LEAP) model. The model identified the future energy demand and supply pattern using a least-cost combination of technology options while limiting the emission of greenhouse gases. The book presents four scenarios, and key parameters considered include GDP, households, population, urbanization and the growth rates of energy-intensive sectors. Further, it highlights the findings of the cost-benefit analysis, which reveal the costs of implementing selected policies and strategies in Nigeria, including those focusing on energy efficiency and fuel/technology switching. The book also discusses the application of the LEAP-OSeMOSYS Model in order to identify lowest-cost power plants for electricity generation. Some sustainable strategies that can ensure a low carbon development in Nigeria are also explored on the basis of successful country cases in relation to the Nigerian LEAP model. As such, the book will help policy makers devise energy and sustainable strategies to achieve low carbon development in Nigeria.

Financial Reform and Economic Development in China

2003-01-01 Business & Economics
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Release : 2003-01-01
Genre : Business & Economics
Kind : eBook
Book Rating : 190/5 ( reviews)

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Book Synopsis Financial Reform and Economic Development in China by : James Laurenceson

Download or read book Financial Reform and Economic Development in China written by James Laurenceson. This book was released on 2003-01-01. Available in PDF, EPUB and Kindle. Book excerpt: China's prospects of successfully completing the transition to a market economy and becoming the world's largest economy during the 21st Century depend on the future sustainability of high rates of economic growth. This book is a comprehensive, balanced and realistic assessment of China's financial reform program and future direction. Covering not only the banking sector but also non-bank financial institutions, stock market development and external financial liberalization, the authors examine the impact of financial reform on economic development in China during the reform period. This volume will facilitate a more accurate assessment of the Chinese approach to financial reform, and will therefore allow more informed future policy choices for both China and other developing and transitional countries.

Measuring Energy Efficiency in Nigeria

2019
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Release : 2019
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Book Synopsis Measuring Energy Efficiency in Nigeria by : Ojonugwa Anthony Bernard

Download or read book Measuring Energy Efficiency in Nigeria written by Ojonugwa Anthony Bernard. This book was released on 2019. Available in PDF, EPUB and Kindle. Book excerpt: Energy intensity and energy-GDP both measure efficiency in the energy usage of an economy but most studies, as discussed in the literature, concentrated on the effect of energy consumption on economic growth in Nigeria. The need to measure the efficiency of energy consumption in Nigeria cannot be overemphasized. This study employed secondary data on energy consumption and economic growth in Nigeria sourced from International Energy Agency (IEA) and Central Bank of Nigeria's statistical bulletin. It adopted a descriptive analysis using trends and chats, and the results show that energy efficiency in Nigeria has been on the decrease within the understudy period. It was also found that the major proportion of energy consumed in Nigeria goes to the household. By implication, most energy consumed is not on productive purposes and this does not propel economic growth. The study recommends that while appreciating the importance of industrial activities on economic growth, policies that boost industrial activities such as those made towards ensuring credit availability, friendly industrial climate and protection of domestic industries should be formulated and implemented; policies on import substitution and tax relief stimulates industrial activities and increases the demand for energy for productive activities, while feedback industrial policies should be encouraged by promoting the agricultural sector performances with the aim of creating a backward-linkage between this sector and Nigeria's industrial sector.

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