Relationship between Energy Consumption (Renewable) and Economic Growth in Nigeria

Abstract

This study aims to explore the relationship between Energy consumption (Renewable) and Economic growth of Nigeria. Using time series data over the period of 1985-2018 and implying Ordinary Least Square (OLS) method finds that there is positive and significant association between Energy Consumption and economic growth moreover the combined effect of EC*DI and EC*FDI are also positive and significant impact on Nigerian economic growth. Some previous studies also support the view that energy consumption promote the economic growth of countries that suffers from low energy consumption. These findings support that greater the energy consumption strengthen the economic growth and less energy consumption weakened the economic growth.