FASHEYITAN, OLUWATOBI DAVID and Covenant University, Theses (2021) EFFECT OF RENEWABLE ENERGY CONSUMPTION AND FINANCIAL DEVELOPMENT ON THE NIGERIAN ECONOMY (1960 – 2019). Masters thesis, Covenant University.
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Abstract
Renewable energy is an important tool, with the aid of development in the financial sector that will help foster economic growth and spur sustainable development in Nigeria. Different sectors rely on different types of energy which has given a new trend to the initiating of new as known as the new normal. This is to achieve the Sustainable Development Goal (SDG 7) (clean and affordable energy) and (SDG 2) (no poverty) as developed by the United Nations. The country’s over independence on fossil fuel has contributed to changes in climate condition, corruption, poverty, unemployment, and reduction in life expectancy. This has evidently shown much more work needs to be done in order to properly position the economy to a level that brings about sustainable growth and development. This has prompted the need to investigate the effect of renewable energy consumption and financial development on the Nigeria economy, from the period of 1960 to 2019. This study adopted the Auto Regressive Distributed Lag which is used to test for the long and short-run effect from the periods covered. The empirical findings from this study is in line with the objective stated on the interaction of renewable energy consumption and financial development has a long run significant relationship, but in the short run had no significant relationship with economic growth in Nigeria, also financial development has a significant and positive relationship in the long run on renewable energy consumption in Nigeria. As a recommendation the study emphasize the need to bolster renewable energy investment through informed and deliberate policies, this has a significant implication on the eco-system which will improve the eco-system, increase employment, and give incentives to providers of energy infrastructure, and increase infrastructure investment.
| Item Type: | Thesis (Masters) |
|---|---|
| Uncontrolled Keywords: | Renewable energy consumption, energy demand, financial development, financial sector, Auto regressive distributed lag (ARDL) bounds cointegration |
| Subjects: | H Social Sciences > H Social Sciences (General) |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Social Sciences |
| Depositing User: | Mrs Hannah Akinwumi |
| Date Deposited: | 01 Nov 2021 11:47 |
| Last Modified: | 01 Nov 2021 11:47 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/15424 |
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