GLOBAL ENERGY TRANSITION POLICIES AND DYNAMICS OF PETROLUEM SECTOR PERFORMANCE IN NIGERIA
Zacchaeus Kunemoemi, PhD and Obentey, Austin Amawei, PhD
Volume 6 Issue 1
Abstract
The study investigates the impact of global energy transition policies on the dynamics of petroleum sector performance in Nigeria covering 1990 to 2025. Global Renewable Energy Consumption, Global Renewable Electricity Output, Global Fossil Fuel Import and Global Carbon Emission were used to proxy global energy transition policies while Crude oil production was used as a stand-in for petroleum sector in Nigeria. World Banks World Development Index (WDI), is the major sources of data collection while the Augmented Dickey Fuller (ADF) Unit Root test and the Autoregressive Distributive Lag (ARDL) were used to test the variables and analyze the hypothesis. The empirical result found that global energy transition policies are correlated with oil export revenue according to the bound test. Further findings showed that global renewable energy consumption and global carbon emission are positive and significantly related with Crude oil production while global renewable electricity fossil fuel import reported a negative and insignificant relationship with Crude oil production. Hence, it was concluded that global energy transition policies had a significant impact on Crude oil production in Nigeria. it was therefore, recommended that the Federal Ministry of Petroleum Resources, the Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission should prioritize investments in cleaner and more efficient oil production technologies. Keywords: Global Renewable Energy Consumption, Global Renewable Electricity Output, Global Fossil Fuel Import, Global Carbon Emission, Crude Oil Production
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