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Non-Renewable Energy and Macroeconomic Efficiency of Seven Major Oil Producing Economies in Africa

Olabanji Benjamin Awodumi Adebowale Musefiu Adeleke
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Olabanji Benjamin Awodumi Adebowale Musefiu Adeleke: Department of Economics, University of Ibadan, Ibadan, Nigeria Department of Economics, University of Ibadan, Ibadan, Nigeria

Authors registered in the RePEc Author Service: Adebowale Musefiu Adeleke and Olabanji Benjamin Awodumi ()

Zagreb International Review of Economics and Business, 2016, vol. 19, issue 1, 59-74

Abstract: This study adopted two-stage DEA to estimate the technical efficiency scores and assess the impact of the two most important components of fossil fuel associated with oil production on macroeconomic efficiency of Seven oil producing African countries during 2005-2012. Our results showed that increasing the consumption of natural gas would improve technical efficiency. Furthermore, increasing the share of fossil fuel in total energy consumption has negative effect on the efficiency of the economies of the top African oil producers. Also, we found that increasing the consumption of primary energy improves efficiency in these economies. We therefore, recommend that governments and other stakeholders in the energy industry should adopt inclusive strategies that will promote the use of natural gas in the short term. However, in the long-run, efforts should be geared towards increasing the use of primary energy, thereby reducing the percentage share of fossil fuel in total energy consumption. JEL Classification: Q; Q4; Q43

Keywords: Non-Renewable Energy; Data Envelopment Analysis; Technical Efficiency; Africa (search for similar items in EconPapers)
Date: 2016
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