Impact of energy and economy in Nigeria

Otitigbe F.E.

Delta State University, Faculty of Engineering,
Department Petroleum Engineering, Abraka, Oleh Campus.
Email address: fotitigbe@yahoo.com
Tel: +234-08055626750/ +234-08177262500/ WhatsApp +234-09017725501

22 Downloads

https://doi.org/10.47721/ARJEE202003011

Vol 3(3), pp. 22-27, December, 2020

Copyright © 2020 Author(s) and Skies Educational.
This article is published under the terms of the Creative Creative Commons Attribution License 4.0

ABSTRACT

The shortfall in crude oil production, the major source of energy supply and revenue generation in Nigeria, affects all spheres of activities in the country. Activities like politics, economic, budgeting, infrastructural development, standard of living and foreign exchange reserve. Therefore, it is imperative to address the impact of energy (crude oil source) on the economy of Nigeria. Hence, using a linear regression analysis, this paper first established a link between oil production (main energy source) and oil earnings (economic). By way of calibration, the paper examines the amount of oil per barrel needed to be produced in a year that would guarantee an increase in oil earnings in Nigeria. The paper also suggests measures that would enhance the increase in the production of oil from which the country would be able to earn more revenue. The result show that increasing oil production, will simultaneously increase earning from oil and, consequently, overhaul the various activities mentioned earlier for the well-being of mankind.

Keywords: Crude oil, Poverty, Revenue, Energy, CBN

REFERENCES

[1] Iwayemi, A. (1998) Energy Sector Development in Africa. The “African Development Bank Economic Research Papers No.43

[2] Akinosho, T.(1998) Petroleum in Nigeria’s Energy Crisis. Central Bank of Nigeria Bullion. Vol.22 No 4:25-29

[3] Okonkwo, W.I.(1998) Energy Crisis in Nigeria: The Role of Natural Gas. CBN Bullion Vol.22 No. 4:44-47

[4] Kashkari (1975) Economic Stabilization Act. 1975: The Nigerian Journal of Political Economic. University of Lagos. Vol.2 No. 2:3

[5] Ayodele, S.A. (1998) Energy Crisis in Nigeria: The Case of Electric Energy Market. Central Bank of Nigeria. Vol.22 No.4:19-21

[6] Hawkins, J.M. (1995) (ed). The Oxford Mini-reference Dictionary. New York: Oxford University Press.

[7] McPhail, K. (2000) How Oil, and Mining Projects can Contribute to Development. IMF/World Bank EDI Development Series No. 400/058.

[8] Nwokedi (1992) Energy Options in the Industrialization and Development Process of the Nation, What Role for Coal. CBN Bulletin Vol. 22 No. 4:30.

[9] Ojinnaka, I.P. (1998) Energy Crisis in Nigeria: The Role of Natural Gas. CBN Bullion Vol. 22 No.4:8-12

[10] The News Magazine (2002) Black Gold. Lagos: The News Magazine. Vol.19. No. 19.

[11] Killick, T. (1993) The Adaptive Economy: Adjustment Policies in Small, Low- Income Countries. The World Bank Finance and Development. Vol.37 No. 4:46-49

[12] Central Bank of Nigeria (CBN) 1999. Statistical Bulletin, Lagos: CBN

CITATIONS

CrossRef Citation (0)

Google Scholar Citations

AUTHORS

Engr. Otitigbe F. E. is a lecturer in the Faculty of Engineering, Department Petroleum Engineering, Delta State University, Abraka, Oleh Campus, Delta State, Nigeria

ARTICLE METRICS

CrossRef Article Metrics

HOW TO CITE THIS ARTICLE

Otitigbe F. E. (2020). Impact of energy and economy in Nigeria. Applied Research Journal of Environmental Engineering, 3(3), 22-27. https://doi.org/10.47721/ARJEE202003011

Tags: