EVIDENCE FROM ASYMMETRIC APPROACHES ON THE EFFECTS OF ENERGY SOURCES ON ECONOMIC GROWTH IN NIGERIA

Nigeria has several renewable energy resources that have not yet been effectively used, despite the nation's commitment to achieving net-zero emissions by 2060, which was put forward at the 26th United Nations Climate Change Conference in 2021 and calls for reduced use of fossil fuels. Despite the fact the aforementioned commitment may cause the nation to lose focus on eradicating poverty as the primary objective of sustainable development, this study aims to determine the asymmetric effects of renewable and non-renewable energy sources used in electricity generation, as well as environmental pollution (CO2 emissions), on the country's economic growth in Nigeria. According to the findings, Nigeria should primarily adopt policies that focus on increasing non-renewable energy consumption in the short term and increasing renewable energy consumption in the long term to achieve higher economic growth. Additionally, the long-run causality findings supporting the sole feedback relationship between renewable energy and economic growth pave the way for Nigeria to significantly increase its share of renewable energy in the long run, enabling it to achieve higher economic growth and, by 2060, approach net-zero emissions, both of which are key objectives of sustainable development.