According to the Organization of Petroleum Exporting Countries (OPEC), the Bolivarian Republic of Venezuela has one of the world's largest proven crude oil reserves with 302,809 million barrels (OPEC Annual Statistical Bulletin 2018). Using average daily crude oil production for 2017 (see Fig. 1a), it would take over 390 years for Venezuela to run out of crude oil. This means that Venezuela will remain as a major crude oil producing country for a long time. Looking at the way Venezuela has managed its vast oil
This study used the autoregressive distributed lag (ARDL) bounds testing approach to cointegration to examine the dynamic relationship between environmental pollution and life expectancy in Nigeria over the period 1971 to 2014 incorporating the role of the oil sector. The ARDL estimates suggest that while oil export provides the revenue required to improve life expectancy in the country, it also generates economic conditions that accelerate environmental pollution in the country. The results show that the impact of carbon dioxide (CO2) emissions on life expectancy in Nigeria is negative and stronger in the long run. To further the understanding of the impacts of oil production activities and CO2 emissions on life expectancy in Nigeria, gender differences in life expectancy were considered. The results highlight the urgent need for health policy measures in Nigeria to incorporate effective mitigation and adaptation strategies to reduce the impact of the increasing role of the oil sector on health condition, wellbeing of the people and the overall goal of improving life expectancy in Nigeria.
This study examines the causal relationship between banking sector development and energy consumption in Nigeria over the period 1971-2013 incorporating crude oil price and indicators of economic performance. An autoregressive distributed lag bounds testing approach to cointegration provides evidence of long-run relationship among the variables. The long-run and short-run estimates suggest that a non-linear inverted U-shaped relationship exists between banking sector development and energy consumption in Nigeria, indicating that initially, energy consumption increases as the banking sector develops and then declines as the banking sector matures to generate efficiency in energy consumption. In addition, this study explores the direction of causality between the variables using the Toda-Yamamoto Granger causality test procedure. The results suggest that a unidirectional causality runs from crude oil price to banking sector development, from banking sector development to energy consumption and from energy consumption to economic growth. It may therefore be necessary for policy makers in Nigeria to incorporate banking sector development in the energy and sustainable economic policies.
Empirical evidence is lacking on the nexus between coffee commodity output, climate change, and commodity price volatility of Africa’s most populous country, Nigeria, and other developing countries. To fill this gap, this study analyzed the reaction of coffee output to climate change and commodity price volatility. We used secondary data from 1961 to 2015 from reliable sources for Nigeria. The study adopted generalized autoregressive conditional heteroscedasticity (GARCH), autoregressive conditional heteroscedasticity (ARCH), and fully modified ordinary least square (FMOLS) in analysis of coffee output reaction to climate change and commodity price volatility. The findings show that coffee output in Nigeria is influenced by climate change and the international commodity price of coffee. The study demonstrates the potential benefits of improving coffee output and export through climate mitigation and adaptation measures and revival of agricultural commodity marketing in Nigeria and other developing countries.
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