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Population Growth, Energy Use, Crude Oil Price, and the Nigerian Economy

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  • Ekundayo P. Mesagan
  • O. Yasiru Alimi
  • K. Adekunle Adebiyi

Abstract

This study examined the relationship between population growth, energy consumption and economic growth in Nigeria using the autoregressive distributed lag (ARDL) model for the period 1981 to 2015. In the study, the key role of population growth in the energy-growth link is emphasised. The result of the analysis revealed that Nigeria's population has witnessed a significant increase from 1981 up to the present period and that population growth and energy use have a positive effect on the real gross domestic product. The result showed clearly that population growth, energy consumption and oil price have positive and stable impacts on the real gross domestic product in Nigeria over the forecast period. The study, therefore, called for a reduction in electricity tariffs, improvement in government transfer spending and effective management of domestic price level to enhance the economic growth.

Suggested Citation

  • Ekundayo P. Mesagan & O. Yasiru Alimi & K. Adekunle Adebiyi, 2018. "Population Growth, Energy Use, Crude Oil Price, and the Nigerian Economy," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 115-132.
    • Handle: RePEc:bas:econst:y:2018:i:2:p:115-132
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    Cited by:

    1. Mesagan, Ekundayo Peter & Olunkwa, Chidi Ndubuisi, 2022. "Heterogeneous analysis of energy consumption, financial development, and pollution in Africa: The relevance of regulatory quality," Utilities Policy, Elsevier, vol. 74(C).
    2. Magazzino, Cosimo & Drago, Carlo & Schneider, Nicolas, 2023. "Evidence of supply security and sustainability challenges in Nigeria’s power sector," Utilities Policy, Elsevier, vol. 82(C).
    3. Ekundayo P. Mesagan & Isaac A. Ogbuji & Yasiru O. Alimi & Anthonia T. Odeleye, 2019. "Growth Effects of Financial Market Instruments: The Ghanaian Experience," Working Papers 19/095, European Xtramile Centre of African Studies (EXCAS).
    4. Olorunfemi Yasiru Alimi & Akinola Christopher Fagbohun & Mohammed Abubakar, 2021. "Is population an asset or a liability to Nigeria’s economic growth? Evidence from FM-OLS and ARDL approach to cointegration," Future Business Journal, Springer, vol. 7(1), pages 1-12, December.
    5. Ekundayo Peter Mesagan & Emeka Osuji & Hope Agbonrofo, 2022. "Comparative Analysis of the Growth Impact of Pollution and Energy Use in Selected West African Nations," Working Papers of the African Governance and Development Institute. 22/032, African Governance and Development Institute..
    6. Clovis Wendji Miamo & Elvis Dze Achuo, 2022. "Can the resource curse be avoided? An empirical examination of the nexus between crude oil price and economic growth," SN Business & Economics, Springer, vol. 2(1), pages 1-23, January.
    7. Oyedepo, Elizabeth Omolola & Obayelu, Abiodun Elijah & Owuru, Joel Ede, 2023. "Effects of Population Dynamics on Economic Growth Among the World Most Populous Countries," African Journal of Economic Review, African Journal of Economic Review, vol. 11(3), June.
    8. Clovis Wendji Miamo & Elvis Dze Achuo, 2021. "Crude Oil Price and Real GDP Growth: An Application of ARDL Bounds Cointegration and Toda-Yamamoto Causality Tests," Economics Bulletin, AccessEcon, vol. 41(3), pages 1615-1626.
    9. F. B. Elehinafe & O. B. Okedere & A. O. Mamudu & M. E. Emetere, 2022. "Energy Status, Energy Mix and Renewable Energy Potentials of Nigeria," Energy and Environment Research, Canadian Center of Science and Education, vol. 11(1), pages 1-50, June.

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    More about this item

    JEL classification:

    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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