Global Renewable Energy Consumption and Oil and Gas Export: An Empirical Analysis of the Nigerian Economy

Since after the Arab oil embargo of 1973, net oil importing countries developed the agenda for substituting fossil fuel and to date, renewable energy has become a major power source for most countries. This motivated for a study which analysed the possible impact of global renewable energy consumption on the Nigerian economy (Net Oil and Gas Export) over the period 1980-2008. The empirical results were obtained by analysing the data using the statistical time trend analyses (descriptive) in explaining the problem under investigation. The findings revealed that renewable consumption by Nigeria’s major oil and gas importers causes significant negative impact on its economy in terms of reduced crude oil and gas export. The result suggests that Nigeria as a mono-cultural economy should uncover alternative corridors other than oil and gas export to provide revenue in order to accelerate Nigeria’s economic growth and development.