Oil Consumption and Economic Growth: Evidence from Nigeria
This study has examined the causality relationship between oil consumption and economic growth in Nigeria during the period of 1980-2011 . The Johansenâ€™s maximum likelihood cointegration technique and Granger causality tests are applied. Based on the cointegration test results, it was found that oil consumption has no long equilibrium relationship with economic growth. The Granger causality test revealed the unidirectional causality running from oil consumption to economic growth. Therefore, the results of this study showed clearly that oil consumption plays an important role in the economic growth of Nigeria as any efforts to conserve oil will have a negative repercussion on economic growth.
Volume (Year): 2 (2014)
Issue (Month): 4 (December)
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