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

Received: 1 August 2018     Accepted: 25 September 2018     Published: 5 November 2018
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Abstract

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 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.

Published in International Journal of Finance and Banking Research (Volume 4, Issue 4)
DOI 10.11648/j.ijfbr.20180404.11
Page(s) 67-78
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2018. Published by Science Publishing Group

Keywords

Environmental Degradation, Economic Growth, Oil Spillage, Gas Flared, Fire Outbreak

References
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Cite This Article
  • APA Style

    Ndubuisi Chinedu Jonathan, Godwin Adaobi Ozioma, Ndah Eze Nwoka. (2018). Analysis of the Relationship Between Environmental Degradation of Oil Companies and Economic Growth of Nigeria. International Journal of Finance and Banking Research, 4(4), 67-78. https://doi.org/10.11648/j.ijfbr.20180404.11

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    ACS Style

    Ndubuisi Chinedu Jonathan; Godwin Adaobi Ozioma; Ndah Eze Nwoka. Analysis of the Relationship Between Environmental Degradation of Oil Companies and Economic Growth of Nigeria. Int. J. Finance Bank. Res. 2018, 4(4), 67-78. doi: 10.11648/j.ijfbr.20180404.11

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    AMA Style

    Ndubuisi Chinedu Jonathan, Godwin Adaobi Ozioma, Ndah Eze Nwoka. Analysis of the Relationship Between Environmental Degradation of Oil Companies and Economic Growth of Nigeria. Int J Finance Bank Res. 2018;4(4):67-78. doi: 10.11648/j.ijfbr.20180404.11

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  • @article{10.11648/j.ijfbr.20180404.11,
      author = {Ndubuisi Chinedu Jonathan and Godwin Adaobi Ozioma and Ndah Eze Nwoka},
      title = {Analysis of the Relationship Between Environmental Degradation of Oil Companies and Economic Growth of Nigeria},
      journal = {International Journal of Finance and Banking Research},
      volume = {4},
      number = {4},
      pages = {67-78},
      doi = {10.11648/j.ijfbr.20180404.11},
      url = {https://doi.org/10.11648/j.ijfbr.20180404.11},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijfbr.20180404.11},
      abstract = {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 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.},
     year = {2018}
    }
    

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  • TY  - JOUR
    T1  - Analysis of the Relationship Between Environmental Degradation of Oil Companies and Economic Growth of Nigeria
    AU  - Ndubuisi Chinedu Jonathan
    AU  - Godwin Adaobi Ozioma
    AU  - Ndah Eze Nwoka
    Y1  - 2018/11/05
    PY  - 2018
    N1  - https://doi.org/10.11648/j.ijfbr.20180404.11
    DO  - 10.11648/j.ijfbr.20180404.11
    T2  - International Journal of Finance and Banking Research
    JF  - International Journal of Finance and Banking Research
    JO  - International Journal of Finance and Banking Research
    SP  - 67
    EP  - 78
    PB  - Science Publishing Group
    SN  - 2472-2278
    UR  - https://doi.org/10.11648/j.ijfbr.20180404.11
    AB  - 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 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.
    VL  - 4
    IS  - 4
    ER  - 

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Author Information
  • Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria

  • Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria

  • Department of Accountancy, Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Nigeria

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