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This study investigated the effect of oil price shock (OPS), exchange rate volatility (EXRV), and non‐oil export (NOX) on economic growth in Nigeria using quarterly time‐series data from 1981Q1 to 2018Q4. Structural vector autoregressive methodology was adopted to identify the effect; Zivot‐Andrews unit root test and Johansen cointegration were first applied to established stationarity properties and long‐run relationships of the variables. The study found that OPS, EXRV, and NOX had a significant negative effect on economic growth in Nigeria. The study recommended reviving of oil refineries; diversification of the economy; and deliberate policy to promote NOX. [ABSTRACT FROM AUTHOR]

Given the importance of output growth in Nigeria and the need for monetary policy decisions to be guided by the knowledge of the asymmetric effects of positive and negative monetary policy shocks, this study investigates the asymmetric effects of monetary policy shocks on output growth in Nigeria using quarterly data from 1981Q1 to 2018Q4. The study employs the recently developed Lee and Strazicich unit root test with structural breaks, Nonlinear ARDL, and the Hatemi‐J causality tests. The result reveals the presence of long‐run and short‐run asymmetries in the effect of monetary policy shocks on output growth in Nigeria. The results of the long‐run effect show that both positive and negative monetary policy rate shocks have positive, elastic, and statistically significant effect on output growth. For the short‐run, the results indicate that the effect of negative monetary policy shocks dominate the effects of positive monetary policy rate shocks, while the effect of positive money supply shocks dominates the effect of negative money supply shocks. Furthermore, the study finds evidence in support of the expansionary monetary policy in the long‐run. Hence, the recommendations for expansionary monetary policy decision to enhance output growth. [ABSTRACT FROM AUTHOR]

This study investigates the nexus between renewable energy consumption and environmental quality in Nigeria, accounting for the role of financial development, and re‐examines the validity of the environmental Kuznet curve (EKC) hypothesis for Nigeria covering the period 1990 to 2016. To cover financial development more adequately, the current study uses the broad‐based financial development index constructed by the International Monetary Fund. The study employs second generation econometric approaches of Lee and Strazicich, and Bayer and Hanck combined cointegration tests to check for stationarity and cointegration among the variables, and then applies autoregressive distributed lag (ARDL) and vector error correction model (VECM) Granger causality tests to explore the effect and causal relationship respectively. The results divulge that renewable energy consumption improves environmental quality, while financial development hurts the environment. Further, the results validate an inverted U‐shaped association between economic growth and environmental degradation in Nigeria. The VECM Granger causality results indicate a long‐run effect of the independent variables on CO2 emission, while the short‐run causality reveals a mixture of unidirectional and bidirectional causality among the variables. This study therefore recommends that policy makers consider the important roles of renewable energy and financial development in reforming energy policies to achieve environmental sustainability. [ABSTRACT FROM AUTHOR]