Analysis of the Relationship Between Environmental Degradation of Oil Companies and Economic Growth of Nigeria

Ndubuisi Chinedu Jonathan
2018 International Journal of Finance and Banking Research  
When natural resources such as oil and gas are enhanced for economic growth and well-being of the citizenry, the nation invariably finds herself experiencing an array of pollutants including carbon dioxide, warming, and other greenhouse emission. This research therefore is set to analyse the relationship between environmental degradation and economic growth in Nigeria. The objective of the research was decomposed to ascertain if a significant relationship exists between oil spillage and
more » ... pillage and economic growth, gas flaring and economic growth and finally between number of fire outbreaks and economic growth of Nigeria. Descriptive survey research was used and data were collected via Central Bank of Nigeria statistical bulletin and Nigeria National Petroleum Corporation statistical bulletin. The population of the research were the whole oil companies operating in Nigeria. Pearson Coefficient of Correlation was the statistical tool used to analyse the hypotheses and that was done with the aid of Statistical Package for Social Sciences (SPSS). The result of the analysis showed that there is no significant relationship between oil spillage and economic growth, high significant relationship between gas flaring and economic growth and the no significant relationship between number of fire outbreaks and economic growth of Nigeria. The study thus concluded that there is no significant relationship between environmental degradation and economic growth safe for gas flaring which has a high significant relationship with economic growth and recommended among other things that the government should declare a state of emergency on gas flaring by oil companies as it was found to have a very high negative significant relationship with economic growth in Nigeria.
doi:10.11648/j.ijfbr.20180404.11 fatcat:ba3o6bmh7ffpjkh7ptcyxogx6e