NATURAL GAS ENERGY CONSUMPTION-WEALTH NEXUS: UNVEILING A NON-QUANTITATIVE WELFARE MEASURE

Abstract

This paper examined the type of relationship existing between wealth accumulation ( and /or human development), and natural gas energy consumption (NGC) in Nigeria using the Human Development Index (HDI1 and HDI2) as proxies for human development and wealth accumulation. We employed the theoretical pedestal of  natural gas energy consumption-growth nexus in our empirical review, and econometric model specification, and in  evaluating the resultant estimates of this relationship. Annual time series data for the selected indicators were extracted for several years. Our results indicated that  in the long-run, natural gas energy consumption does not facilitate human development and wealth accumulation vice versa in Nigeria. Furthermore, our results suggest that natural gas energy is consumed or utilized in Nigeria for non-wealth accumulation and non-human development purposes. We recommend that gas energy should be consumed and/or redirected to a more purposeful wealth and human development facilitating consumption. Keywords: Natural Gas Energy, Growth, Nigeria, ARDL Bounds Tests. JEL Classification Code:C50,Q32,Q400,Q430