Energy And Industrialization In Nigeria; Problems And Prospects

Description

– Energy And Industrialization In Nigeria; Problems And Prospects –

Download Energy And Industrialization In Nigeria; Problems And Prospects. Chemical Engineering students who are writing their projects can get this material to aid their research work.

Abstract

This study shows the relationship between Energy and Industrialization in Nigeria; problem and prospects, over the period of (1981-2015).

The study made use of data sourced from the central bank of Nigeria (CBN). The ordinary least squares (OLS) was used to examine the relationship between; industrial output, natural gas, coal, electricity.

The explanatory power of the model was given by R2 of 90% approximately and was subjected to t-test and f-test to test the significance of the independent variables.

The research revealed that crude petroleum and natural gas and electricity consumption were statistically significant and have a positive influence on industrial output, also manufacturing oil refinery was not significant but had a positive relationship with industrial; output.

But solid mineral, coal, and mining was not statistically significant and had a negative influence on industrial output.

Introduction

The oil sector has dictated the pace and structure of growth of the Nigerian economy since 1970. According to Chibueze, Jude and Nnaji (2013) in the absence of reliable energy supply, efforts at socio-economic and technological development cannot yield any positive result.

It is essential to the production of all goods and services and hence vital to the industrial development of any nation as such Ugwoke, Dike and Elekwa (2016) asserts reliable and adequate electricity supply produces a multiplier effect

which goes a long way in tackling the problem of poverty, unemployment and prevalent absence of technological and structural changes that are commonly seen in many developing countries like Nigeria.

As mentioned in Adenikinju (2005), the industrial sector of Nigeria is grossly underperforming due to obstacles posed by infrastructural deficit which include inefficient energy supply.

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