|Energy Consumption, Financial Development And Economic Growth In Nigeria
|EZEBUNWA Justice, ARANIYAR Isukul & KPAGIH Leera
|This study employed a Vector Error Correction approach for its data analysis. The data spanned from 1980 to 2019. Numerous theoretical and empirical studies on the connection between the energy consumption, financial development and economic growth showed inconsistent conclusions. This study centred on identifying the influence of the energy consumption, financial development on economic growth in Nigeria. The findings suggest that there is a significant long run positive linkage between Energy Use (ENEG), financial development (FD) which is the proxy for domestic credit to private sector by banks (% of GDP) and natural resources (NATR) which has a positive significant impact on the energy consumption in Nigeria while economic growth (GDP) and Openness of trade (OPENNESS) has negative significant impact on energy consumption in Nigeria. The results impel the decision that financial advancement and asset are significant factors of energy utilization in Nigeria and government must craft a policy that will enhance credit availability for energy matters.
|Energy Consumption, Financial Development, Economic Growth and Energy Use