IIARD International Institute of Academic Research and Development

Journal of Business and African Economy (JBAE )

E-ISSN 2545-5281
P-ISSN 2695-2238
VOL. 9 NO. 3 2023
DOI: https://doi.org/10.56201/jbae.v9.no3.2023.pg170.182

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Developmental Imperative of Carbon Footprint Reduction in the Oil and Gas Industry in Nigeria

Aigbedion Edward, Alwell Nteegah & Obindah Gershon

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Abstract

There is a high dependence on heavy fossil fuels as a source for energy generation in Nigeria. The carbon dioxide (CO2) emissions per capita for Nigeria in 2018 was put at 0.57 metric tons. This figure has been on the increase within the last three years, with a value of 0.44 metric tons in 2016 and 0.56 metric tons in 2017, accounting for a 29% increase over the period. The specific problem is the apparent lack of sufficient information on the relationship between carbon footprint reduction, and economic development in Nigeria. The aim of this study was to determine the nexus between carbon footprint generated due to transport and other sector, and economic development in Nigeria, using time series from 1990-2019. The central research question asked was the impact of carbon footprint reduction on economic development in Nigeria. The study employed quantitative approach with ordinary least squares linear multiple regression technique to examine the relationships between carbon footprint reduction from Tranport and Other sector and economic development. From the regression output, CO2 emission from other sectors (OSC), and CO2 emission from Transport sector (TRPT) both have a p-value less than 0.05 (5%), which indicates that these two independent variables are significant at 5% level. The result revealed that a unit increase in CO2 generated from other sector (OSC) will result in a 0.0038 unit decrease in economic development; similarly, a one unit increase in CO2 generated from transport sector will

keywords:

Global warming, Carbon footprint, Greenhouse gas, Human Development index

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References:

Aichele, R., & Felbermayr, G. (2012). Kyoto and the carbon footprint of nations. Journal of
Environmental Economics and Management, 63(3), 336-354.
https://doi.org/10.1016/j.jeem.2011.10.005.

Alfonso, S., Gesto, M., & Sadoul, B. (2021). Temperature increase and its effects on fish stress
physiology in the context of global warming. Journal of Fish Biology, 98(6), 1496-1508.
https://doi.org/10.1111/jfb.14599

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