Demola Salami Olatokunbo1, Samuel Gbemisola Olajide1, Mladen Ivic2
1Lagos State University, Faculty of Social Science, Department of Economics, Ojo (Main campus), Lagos State, Nigeria, osalami2022@gmail.com
2University of Business Engineering and Management, Faculty of Economics, despota Stefana Lazarevica bb, 78 000 Banja Luka, Bosnia and Herzegovina
ORIGINAL SCIENTIFIC PAPER
ISSN 2637-2150
e-ISSN 2637-2614
UDC 620.9:502.171(669)
DOI 10.7251/STEDZ2402064S
COBISS.RS-ID 141780225
Received: 15 July 2024.
Accepted: 03 October 2024.
Published: 29 November 2024.
http://stedj-univerzitetpim.com
Corresponding Author:
Demola Salami Olatokunbo, Lagos State University, Faculty of Social Science, Department of Economics, Ojo (Main campus), Lagos State, Nigeria, osalami2022@gmail.com;
Copyright © 2024 Demola Salami Olatokunbo et al.; published by UNIVERSITY PIM. This work licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 4.
Citation:
Olatokunbo, D.S., Olajide, S.G., & Ivić, M. (2024). Renewable energy and it’s role in expending access to electricitz and economic growth in Nigeria. STED Journal, 6(2), 64-72.
ABSTRACT
The study investigated, amongst other variables, the relationship between renewable energy, its role in expanding access to electricity, and economic growth in Nigeria over the period 1960–2023. The ordinary least squares (OLS) and autoregressive distributed lag (ARDL) models were used to estimate the short- and long run dynamics of the relationship.
The study shows that the overall model is statistically significant, meaning that the independent variables, taken together, significantly predict the dependent variable (GDP growth rates). The findings underline the intricate dynamics between renewable energy, electricity access, and economic growth in Nigeria. While the positive coefficient for renewable energy suggests that increasing renewable electricity generation could theoretically enhance GDP growth, the lack of statistical significance implies that this impact is not immediate.
Finally, based on these findings, the study recommends that policymakers should continue to prioritize investments in renewable energy infrastructure. Efforts should be made to enhance the reliability and quality of the electricity supply. A more robust and cohesive policy framework is needed to support renewable energy and electricity development and integration.
Keywords: Renewable Energy, Electricity, Economic Growth, Ordinary Least Square, Autoregressive Distributed Lag.
