Abstract
This study investigates the co-integrating and causal link between energy consumption and economic growth in three economic sectors of agriculture, manufacturing, and service sectors in Nigeria. Through the multivariate framework and quarterly data from 2000Q1-2018Q4. The ARDL bounds test approach, and Error Correction Model are the key techniques of analysis, and the Clemente-Montanes-Reyes unit root approach for structural breaks in the series. Findings revealed estimated billing system, and energy demand-supply gap as factors negatively influencing energy distribution and consumption in various sectors of the economy. The results also revealed a co-integrating relationship between economic growth and sectorial value creation. The results also revealed a bidirectional causality between liquefied natural gas and energy consumption and a unidirectional causality between economic growth and petroleum oil consumption. On the contrary, there is a non-causal relationship between the service and agricultural sectors. Sufficient energy distribution and consumption stir economic growth through value additions in the agricultural, manufacturing, and service sectors. The study recommends a review of the billing system, pricing framework, and policies to support, value creation, and addiction in Nigeria.
Highlights
Energy is an integral element in human civilization, the importance of energy has increased geometrically during the last decade, its undoubtedly a fulcrum for sustainable business, economic and financial growth, globally and especially for emerging economies like Nigeria
Other transitional inputs are fairly disregarded in the growth theories of energy supply-demand, and the pricing framework on output and economic growth
This study examines energy consumption and economic growth, extending the frontiers to cover the agricultural, manufacturing, and service sector's value addition, small business development on economic growth
Summary
Energy is an integral element in human civilization, the importance of energy has increased geometrically during the last decade, its undoubtedly a fulcrum for sustainable business, economic and financial growth, globally and especially for emerging economies like Nigeria. Nations with a higher per capita energy consumption and distributions are considered economically robust and industrialized vice-versa those with low levels of consumption and distribution. According to the classical school of thought, land, labour, and capital impact growth and output significantly (Enu and Havi [1]). Other transitional inputs are fairly disregarded in the growth theories of energy supply-demand, and the pricing framework on output and economic growth. Geothermal, natural gas, lignite, coal, biomass, and in recent times solar, and wind energy among others.
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