Energy Demand and Inclusive Economic Growth in Nigeria

Alwell Nteegah and Innocent Kumanwe
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Alwell Nteegah: Department of Economics, University of Port Harcourt, Nigeria.
Innocent Kumanwe: Emerald Energy Institute, University of Port Harcourt, Nigeria.

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Abstract: This study examined the impact of energy demand on inclusive economic growth in Nigeria over the period 1990 – 2021. To achieve this purpose, data on inclusive growth proxy by Gross domestic product per person employed in Nigeria, and energy demand measured by demand for: solar energy, hydropower energy, petroleum energy, natural gas energy and coal energy were sourced from the World Bank and International Energy Agency. The data were analyzed using the Autoregressive and Distributed Lag (ARDL) methodology. The result of the study indicated that: Solar energy demand, hydropower energy demand, demand for natural gas and demand for coal energy had significant impact on inclusive economic growth in Nigeria both in the short and long run. Demand for petroleum energy had insignificant effect on inclusive growth in the long run but significant impact on inclusive growth in the short run in Nigeria over the period of this study. Hence the study concluded that energy demand has serious implications on inclusive economic growth in Nigeria. Consequent upon these findings, the study recommends; improve infrastructure for natural gas, coal energy, solar energy and the diversification of energy sources in order to improve investment in the energy/power sector, create more jobs and reduce poverty in Nigeria.

Date: 2023-10-02
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Published in Asian Journal of Economics, Finance and Management , 2023, 5 (1), pp.332-344

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