Energy Sustainability, Energy Financing and Economic Growth in Nigeria

Authors

  • Ademola Onabote Department of Economics, Landmark University; Centre for Economic Policy and Development Research(CEPDeR), Covenant University http://orcid.org/0000-0003-3823-5377
  • Ayobami Jolaade Covenant University
  • Romanus Osabohien Covenant University
  • Oghenetega Otobo Covenant University
  • Christian Ede Covenant University
  • Victoria Okafor Covenant Univesity; Centre for Economic Policy and Development Research(CEPDeR), Covenant University

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.

Keywords: Sustainable Energy, Energy Financing, Economic Growth, SDGs, Nigeria.

JEL Classifications: Q20, Q28, Q43

DOI: https://doi.org/10.32479/ijeep.9336

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Author Biographies

Ademola Onabote, Department of Economics, Landmark University; Centre for Economic Policy and Development Research(CEPDeR), Covenant University

Department of Economics, Landmark University; Research Associate Centre for Economic Policy and Development Research(CEPDeR), Covenant University

Ayobami Jolaade, Covenant University

Department of Economics and Development Studies, Covenant University

Romanus Osabohien, Covenant University

Department of Economics and Development Studies, Covenant University

Oghenetega Otobo, Covenant University

Department of Economics and Development Studies, Covenant University

Christian Ede, Covenant University

Department of Economics and Development Studies, Covenant University

Victoria Okafor, Covenant Univesity; Centre for Economic Policy and Development Research(CEPDeR), Covenant University

Department of Economics and Development Studies

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Published

2020-12-01

How to Cite

Onabote, A., Jolaade, A., Osabohien, R., Otobo, O., Ede, C., & Okafor, V. (2020). Energy Sustainability, Energy Financing and Economic Growth in Nigeria. International Journal of Energy Economics and Policy, 11(1), 433–439. Retrieved from https://www.econjournals.com/index.php/ijeep/article/view/9336

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