TOWARDS ENVIRONMENTAL SUSTAINABILITY: EVALUATING THE ROLE OF ENERGY CONSUMPTIONAND URBANIZATION ON CARBON EMISSION IN NIGERIA

Abstract

Nigeria confronts a substantial challenge in reconciling emancipation with environmental changes amid rapid economic growth and an increasing population. Sequel to this, this study evaluates the role of energy consumption, FDI and urbanization on carbon emission in Nigeria. The data was obtained from World Development Indicators (WDI, 2022), ARDL techniques were employed in analyzing the data. The findings indicate a direct correlation between energy consumption and CO₂which is statistically significant in both the near and distant future. The enhancement of foreign investment adds to the rise of carbon dioxide emissions in Nigeria. Based on the empirical data of the study, it proposes numerous policy implications regarding energy usage in Nigeria. The Nigerian government must reassess its energy policy to promote renewable energy sources. This may encompass incentives for renewable energy, enhancements in energy efficiency, and a tax or regulatory disincentive against fossil fuel consumption