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Trivariate Modelling of the Nexus between Electricity Consumption, Urbanization and Economic Growth in Nigeria: Fresh Insights from Maki Cointegration and Causality Tests

Author

Listed:
  • Hamisu S. Ali

    (Ahmadu Bello University, Zaria, Nigeria)

  • Solomon P. Nathaniel

    (University of Lagos, Akoka, Nigeria)

  • Gizem Uzuner

    (Eastern Mediterranean University, North Cyprus)

  • Festus V. Bekun

    (Istanbul Gelisim University, Istanbul, Turkey)

  • Samuel A. Sarkodie

    (Nord University Business School, Norway)

Abstract
In this era of intensive electricity utilization for economic development, the role of urbanization remains inconclusive, especially in developing economies. Here, this study examined the electricity consumption and economic growth nexus in a trivariate framework by incorporating urbanization as an additional variable. Using the recent novel Maki cointegration test, Ng-Perron, Zivot-Andrews, and Kwiatkowski unit root tests along with FMOLS, DOLS and the CCR estimation methods, we relied on an annual frequency data from 1971-2014. Results from FMOLS, DOLS and the CCR regression confirm the electricity consumption-driven economic growth. This is desirable as Nigeria is heavily dependent on energy (electricity) consumption. A unidirectional causality from urbanization to electricity consumption and economic growth was found but the long-run empirical findings revealed urbanization impedes growth — a situation that has policy implications. The study highlights that though urbanization is a good predictor of Nigeria’s economic growth, however, the adjustment of the energy portfolio to meet the growing urban demand will curtail the adverse and far-reaching impact of urbanization on the economy.

Suggested Citation

  • Hamisu S. Ali & Solomon P. Nathaniel & Gizem Uzuner & Festus V. Bekun & Samuel A. Sarkodie, 2020. "Trivariate Modelling of the Nexus between Electricity Consumption, Urbanization and Economic Growth in Nigeria: Fresh Insights from Maki Cointegration and Causality Tests," Working Papers 20/010, European Xtramile Centre of African Studies (EXCAS).
    • Handle: RePEc:exs:wpaper:20/010
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    More about this item

    Keywords

    Economic growth; Electricity consumption; Maki Cointegration; Dynamic Causality; Urbanization;
    All these keywords.

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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