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Human Capital Development, Energy Consumption and Crude Oil Exports in Nigeria: Implications for Sustainable Development

Author

Listed:
  • Timothy Ayomitunde Aderemi

    (Department of Economics, Accounting and Finance, Bells University of Technology, Ota, Nigeria and Centre for Economic Policy and Development Research (CEPDeR), Covenant University, Ota, Nigeria,)

  • Oyegoke Adebusola Adebola

    (Department of Accountancy, Covenant University, Ota, Nigeria)

  • Wahid Damilola Olanipekun

    (Research and Consultancy Centre, College of Management and Information Technology, American International University, West Africa, The Gambia)

  • Olaoye Olusegun Peter

    (Academic Planning Unit and Centre for Economic Policy and Development Research (CEPDeR), Covenant University, Ota, Nigeria)

  • Ayodeji Gbenga Bamidele

    (Department of Business and Entrepreneurship, Kwara State University, Malete, Nigeria,)

  • Azuh Dominic Ezinwa

    (Department of Economics and Development Studies and Centre for Economic Policy and Development Research (CEPDeR), Covenant University, Ota, Nigeria.)

Abstract

This study examined the roles of human capital development, energy consumption and crude oil exports in driving sustainable development goal eight (8)-sustainable economic growth in Nigeria. To achieve this, the authors utilized annual data from 1990 to 2018 which were sourced from World Data Atlas, International Energy Agency, WDI and the Central Bank of Nigeria Statistical Bulletin respectively. Autoregressive Distributed Lag technique of estimation was adopted for the data analysis. Consequently, the principal findings of this research work could be presented as follows; electricity power consumption and growth rate of the real GDP has an insignificant positive relationship with each other. The implication of this is that energy consumption in Nigeria has an inadequate capacity to drive a sustainable economic growth in the country. Similarly, oil exports have a significant positive relationship with the growth rate of the real GDP. This means that economic growth sustainability of Nigeria is highly dependent on oil exports. Conversely, government expenditure on education sector has a significant negative relationship with the growth rate of the real GDP. Also, expenditure of government on health sector has a negative but insignificant relationship with the growth rate of the real GDP. This implies that human capital development in Nigeria lack the capacity to ensure a sustainable economic growth. In view of the above, this study makes the following recommendations for the policymakers in Nigeria and by extension developing countries, any time the goal of these policymakers are sustainable economic growth, the development of human capital through adequate funding of educational and health sectors should be embarked upon. In the same vein, the policymakers should provide uninterrupted electricity supply for enhancement of maximum outputs in the country.

Suggested Citation

  • Timothy Ayomitunde Aderemi & Oyegoke Adebusola Adebola & Wahid Damilola Olanipekun & Olaoye Olusegun Peter & Ayodeji Gbenga Bamidele & Azuh Dominic Ezinwa, 2021. "Human Capital Development, Energy Consumption and Crude Oil Exports in Nigeria: Implications for Sustainable Development," International Journal of Energy Economics and Policy, Econjournals, vol. 11(4), pages 443-449.
    • Handle: RePEc:eco:journ2:2021-04-51
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    References listed on IDEAS

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    Cited by:

    1. Timothy Ayomitunde Aderemi & Abidemi Alejo & Olufemi Samuel Omoyele & Olusegun Peter Olaoye & Wahid Damilola Olanipekun & Dominic Ezinwa Azuh, 2022. "An Econometric Analysis of Clean Energy Supply and Industrial Development in Nigeria: Implications for Sustainable Development," International Journal of Energy Economics and Policy, Econjournals, vol. 12(3), pages 209-215, May.
    2. Oloke Emmanuel & Olanipekun Wahid Damilola & Mabinuori Oladotun Toriola & Ojo Lucas B. & Aderemi Timothy Ayomitunde, 2022. "Government Educational Spending and Human Capital Development in ECOWAS Sub-Region: Implication For Sustainable Development," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 67(3), pages 37-52, December.

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    More about this item

    Keywords

    Human Capital; Energy Consumption; Oil Exports; SDGs;
    All these keywords.

    JEL classification:

    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development

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