Nexus of Economic Growth, Technological Development and In-Country Utilization of Natural Gas: Evidence from Nigeria.

The study deployed two multivariate linear models in estimating the nexus of economic growth, technological development and in-country utilization of natural gas, using annual time series data on five variables - real gross domestic product per capita (RGDPC), natural gas consumption (NGC), technological development (TECH), trade openness (TOP), and industrialization (IND) - from 1986 to 2019. Using the method of error correction modeling (ECM), it is observed that technological development, gas consumption, trade openness, and industrialization have growth-stimulating effects on economic activities in Nigeria. The study further revealed that technological development, trade openness, and level of industrialization positively influenced natural gas consumption in Nigeria during the period. Based on our findings, we sustain the argument that (i) gas utilization and technological development are strong predictors of economic growth, and (ii) technological development greatly determines the level of natural gas consumption in the economy. We therefore recommend design and implementation of policies that promote research and development so as to ramp up technological innovation and development initiatives towards achievement of planned economic growth. In addition, improvements in technological development and convergence of global economies due to liberalization policies demands commensurate infrastructural expansion of natural gas production to reduce or eliminate possible mismatch between production and consumption of natural gas profiles. [ABSTRACT FROM AUTHOR]