Energy Consumption & Economic Growth in Nigeria (1971 - 2021): A Multifaceted Analysis Using Descriptive Statistics, Charts, Logistic Regression, and Neural Networks

Abstract

This study examines the intricate interplay between electricity consumption and economic growth, specifically Gross Domestic Product (GDP), in Nigeria. Despite the acknowledged influence of electricity consumption on GDP, the research takes a comprehensive approach by scrutinizing various economic factors that may contribute to Nigeria's remarkable GDP performance within the African context. Utilizing a meticulous methodology, the investigation explores the relationships between GDP and variables such as unemployment, population, lending interest rates, importation costs, and inflation rates across a 50-case observational dataset. The findings highlight the substantial impact of electric power consumption, population, and lending interest rates on Nigeria's GDP, while revealing the relatively minor effects of other predictors.