Environmental quality and financial development revisited in the case of Nigeria: a counterfactual simulation approach
by Kingsley Ikechukwu Okere; Obumneke Bob Muoneke; Maxwell Onyemachi Ogbulu; Izuchukwu Ogbodo
International Journal of Sustainable Economy (IJSE), Vol. 15, No. 3, 2023

Abstract: This study examines the effect of bank credit to the private sector on environmental quality (carbon emissions and carbon emission intensity) in Nigeria from 1971-2017 adopting novel dynamic ARDL simulations within framework of Stochastic Impact by Regression on Population, Affluence and Technology (STRIPAT). Controlling for the impact of fossil fuel energy use and economic globalisation (de jure), findings of the study showed that financial development exerts a direct and significant long-run rising influence on both carbon emissions and carbon emission intensity in Nigeria. Fossil energy intensity use, population and economic globalisation have a long-run and short-run positive effect on aggregate CO₂ emission and carbon emission intensity in Nigeria. In all, the findings imply that Nigeria is yet to transit to renewable energy.

Online publication date: Tue, 04-Jul-2023

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