Browsing by Author "Olarinde, Omolola S."

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    Addressing the energy consumption-economic growth nexus: The Nigerian case
    (Institute for Oil, Gas, Energy, Environment and Sustainable Development (OGEES Institute), 2018) Olarinde, Omolola S.; Adeniran, Abraham
    Energy is critical to the survival and expansion of any economy. In Nigeria, energy consumption has been skewed towards household use, and below thresholds for sector-driven growth. The article updates, in time and methodology, those studies highlighting the significance of energy use for economic growth, using the Bound test and the Auto Regression Distributed Lag (ARDL) to establish the long- and short-run relationships between disaggregated energy consumption and economic growth in Nigeria from 1990 to 2016. The variables considered are real GDP, energy consumption decomposed into electricity and petroleum consumption, labour and capital. The findings show that, in the short and long run, petroleum consumption and labour have a significant positive relationship with GDP. Furthermore, the causality results show that feedback causation between economic growth and energy consumption as well as labour exists, while one-way causation runs from labour to economic growth. The study recommends diversification of the power-generation portfolio in the country, as this will improve energy consumption. Also, full deregulating policies in the energy sector would encourage industrialization and move energy demand towards increasingly productive uses. Finally, a strong institutional framework is needed to ensure energy policies achieve their objectives and targets
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    ENERGY CONSUMPTION AND PRODUCTIVITY IN NIGERIA
    (academia.edu, 2015) Olarinde, Omolola S.; Abraham, Adeniran
    Energy is critical to the survival and expansion of any economy, but in Nigeria, energy consumption has been skewed towards household use, and below thresholds for sector driven growth. The paper updates in time and methodology those studies highlighting the significance of energy use for economic growth, using the Bound test and the Auto regression Distributed Lag (ARDL) to establish the long and short run relationships between disaggregated energy consumption and economic growth in Nigeria from 1990 to 2016. The variables considered were real GDP, energy consumption decomposed into electricity and petroleum consumption, labor and capital. The findings showed that, in the short and long run, petroleum consumption and labour have a significant positive relationship with GDP. Furthermore, the causality results showed that feedback causation between economic growth and energy consumption as well as labour exists, while one-way causation runs from labour to economic growth. The expansion and diversification of the power-generation portfolio in the country would improve energy consumption towards better output. Also, policies to encourage industrialization would move energy demand towards increasingly productive uses.
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    Government Expenditure and Its Implication for Economic Growth: Evidence from Nigeria
    (Journal of Economics and Sustainable Development www. iiste, 2015) Danladi, J. D.; Akomolafe, K. J.; Olarinde, Omolola S.; Anyadiegwu, N. L.
    Government Expenditure is an important macroeconomic objective in an economy. In this study, the structure and size of government expenditure determine the pattern of growth in the economy. The Keynesian aggregate expenditure is adopted as a framework to explain the role of government spending on output. The Johansen cointegration test was applied to verify the long run relationship between the variables and the Granger causality test was employed to determine the existence and direction of causation between government expenditure and economic growth. The autoregressive distributed lag (ARDL) methodology was employed to examine the relationship between the independent variables and the dependent variable. From the analysis and findings, government spending significantly and positively explained the economic growth of the country. The relationship was significant at 5 percent level. In comparing the results of the total government expenditure with capital and recurrent expenditure, the result shows that they are positively related to economic growth however the recurrent component of the expenditure significantly explained more. Therefore, it is recommended that the government should give more priority to the capital component that is more productive and can induce rapid economic prosperity
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    Revisiting the Effects of Workers’ Remittances on Economic Development in Nigeria
    (Journal of Economic and Social Thought, 2015-12-18) Olubiyi, Ebenezer; Olarinde, Omolola S.
    Poverty in Nigeria continues unabated despite huge inflow of remittances. Our result supports the argument that remittances can improve economic growth but can also worsen overall wellbeing. Reasons for this are, first, remittances beneficiaries in Nigeria are concentrated in the middle income class with high propensity to consume. Second, due to high propensity to consume, consumption triggers good prices in such a way as to worsen the purchasing power of the poor. Third, institutions are weak and the poor do not benefit from weak institution. Thus good quality institutions should be encouraged while ostentatious spending should be discouraged.
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    SETTING SUSTAINABLE STANDARDS FOR BIOFUEL PRODUCTION: LEGAL AND INSTITUTIONAL IMPERATIVES
    (Afe Babalola University:, 2013) Olarinde, Damilola; Olarinde, Omolola S.
    Due to the extensive warnings and scientific predictions on the potential and emerging impacts of global climate change on human life and survival, policy makers across the world are beginning to embrace renewable energy options as ways to reduce reliance on fossil fuels. 1 As the United States President noted: But to truly transform our economy, protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy... We have known for decades that our survival depends on finding new sources of energy. Yet we import more oil today than ever before.