IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 9 NO. 10 2023
DOI: https://doi.org/10.56201/ijebm.v9.no10.2023.pg30.40

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Carbon Footprint Reduction and its Impact on Economic Development in Nigeria

Aigbedion Edward, Alwell Nteegah, Obindah Gershon

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Abstract

Nigeria relies on heavy fossil fuels for energy. Nigeria emitted 0.57 metric tonnes of CO2 per capita in 2018. From 0.44 metric tonnes in 2016 to 0.56 metric tonnes in 2017, this figure has increased 29%. The issue is the lack of data on carbon footprint reduction and economic development in Nigeria. time series data from the 1990–2019 was employed to examine the relationship between carbon footprint reduction and economic development in Nigeria. How carbon footprint reduction affects Nigerian economic development was the main research subject. Carbon footprint reduction and economic development were examined using quantitative methods and ordinary least squares linear multiple regression. From the regression result, CO2 emission total CO2 emission from fossil (TCO2 has p-values below 0.05 (5%), indicating significance. The results showed that a unit increase in CO2 from TCO2 will decrease economic development by 0.003381. The study suggests lowering carbon footprint. The study's findings will help Nigeria's government reduce carbon emissions and boost economic growth.

keywords:

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

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