The Empirical Assessment of Renewable Energy Consumption, CO2 Emissions and Economic Growth of Nigeria

Abstract

The study captures the interconnection between economic growth, environmental impact, and energy use well as the role renewable energy and environmental practices play in these dynamics. which an investigation we carried out using data from the World Bank Development indicator. The link that connects CO2 emissions, renewable energy, fossil fuel energy, and economic growth in Nigeria between 1990 and 2020 was examined in this study. Due to the influence of other elements that different countries embrace, such as technology development and energy efficiency, the relationship is not always clear-cut. The result of the bound test was in favor of the variables' cointegration. The long-term equilibrium correction was calculated using the error correction model (ECM). This finding agrees with the majority of research findings in the body of literature that has already been published that discovered a negative impact between C02 emission and Renewable Energy both in the short and long term. Additionally, there is a short-term significant connection between CO2 emissions and fossil fuel energy, but this relationship will converge to a negative one over time (long run). Additionally, C02 emissions have a detrimental long-term and short-term impact on GDP.  As a result, this study suggests using cleaner technology to maximize the benefits of renewable energy sources, particularly wood biomass, while reducing their drawbacks.