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Oil Consumption and Economic Growth: Evidence from Nigeria

Author

Listed:
  • Inuwa Nasiru

    (Department of Economics, Faculty of Arts and Social Sciences, Gombe State University, P.M.B 127, Gombe)

  • Haruna Modibbo Usman

    (Department of Economics, Faculty of Arts and Social Sciences, Gombe State University, P.M.B 127, Gombe)

  • Abubakar Mohammed Saidu

    (Department of Economics, Faculty of Arts and Social Sciences, Gombe State University, P.M.B 127, Gombe)

Abstract

This study has examined the causality relationship between oil consumption and economic growth in Nigeria during the period of 1980-2011 . The Johansen’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.

Suggested Citation

  • Inuwa Nasiru & Haruna Modibbo Usman & Abubakar Mohammed Saidu, 2014. "Oil Consumption and Economic Growth: Evidence from Nigeria," Bulletin of Energy Economics (BEE), The Economics and Social Development Organization (TESDO), vol. 2(4), pages 106-112, December.
  • Handle: RePEc:ijr:beejor:v:2:y:2014:i:4:p:106-112
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    More about this item

    Keywords

    Oil consumption; Economic Growth; Causality; Cointegration; Nigeria;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • L72 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Other Nonrenewable Resources

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