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Rivers State University, Port Harcourt.
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| Title: | Environmental Policies and Sustainable Development in Nigeria |
| Author(s): | MOMODU A. A, NJOKU K. C. & YAAKO J. B |
| Abstract: | This study examined the effect of environmental policies on sustainable economic development in Nigeria. Time series data were sourced from Central Bank of Nigeria Statistical Bulletin and World Bank Data Base from 1990 2022. Adjusted net savings, was measured for sustainable development and was modelled as the function of energy policy, waste management policy and environmental protection policy. The study employed descriptive statistics and multiple regression models to estimate the relationship that exists between environmental policies and sustainable economic development. The null Hypotheses (H0) were tested at 0.05 level of significance, Ordinary Least Square (OLS), Augmented Dickey Fuller Test, Johansen Co-integration test, parsimonious vector error correction model and pair-wise causality tests were used to conduct the investigations and analysis. The results from this study showed that all variables included in the model were integrated in the same order. From model one; findings revealed that the speed of adjustment between the short-run dynamics and the long-run equilibrium relationship is 82.3%. Based on the validity of lag 1, the results also indicated that the variables have negative effect on net savings over the periods covered in this study. The estimated error correction model found that energy policy explained 14.3 per cent, and environmental protection policy explained 11.7 while waste management policy explained 12 per cent variation in net national savings. From model two, model summary proved that 48.4 per cent variation in human development index was explained by variation in environmental policies. The study found that the variables have negative effect on human development index except corporate responsibility policy. The estimated error correction model found that energy policy explained 17.3 per cent, and environmental protection policy explained 18.3 while waste management policy explained 13.9 per cent variation in net national savings, the study further fund that the variables have negative and no significant effect on net national savings. From the findings, the study concludes that environmental policies have no positive effect on sustainable economic development in Nigeria. The study recommends that there should strict compliance to every environmental policies formulated by the federal or state governments such fiscal budget to the ministry of environment in order to achieve sustainable environment that enhances sustainable economic development in Nigeria. |
| Keywords: | Sustainable Environment, Economic Development, Environmental Policies |
| Journal: | Journal of World Economics and Financial Report Vol 2 No 1 |
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