THE IMPACT OF POWER GENERATION ON ECONOMIC GROWTH
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ABSTRACT
The study examined the impact of power generation on economic growth in Nigeria between 1980 and 2016. Economic growth was proxy as real GDP while power generation was surrogated as electricity generated from hydroelectric, oil, natural gas and coal. In addition, power consumption per capita was utilized as control variables. The econometric techniques of Augmented-Dickey Fuller unit root test, Johansen Cointegration test and Error Correction Model were employed.
The study concluded that power generation did not significantly contributed to economic growth in Nigeria between 1980 and 2016. The non-significance of power generation on economic growth in Nigeria is not unconnected to the fact that the generation sub-sector of the Nigerian power industry is beset with certain constraints that has prevented the optimal generation of power.
The study concluded that; Issues pertaining to electricity production and economic development should be given adequate attention especially in the budget schemes and because of this, substantial amount should be allocated to the power sector in order to resolve its challenges and keep the sector in good shape; Government is beckoned to sincerely implement the recommendations of the Power Sector Reform Committee and Oil and Gas Reform Committee; Adequate attention should be placed on appropriate funding of the power sector, security of gas supply, maintenance of existing power supply infrastructures, harmonization of activities among various stakeholders in the power sector and expansion of transmission and distribution networks; Corrupt practices in the power sector must be checked. Any official found to have dissipated public funds meant for given project should be brought to book; Government should allow greater participation of foreign and domestic investors in the power sector. This is because investment introduces new technology and expertise.
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