This research evaluates the impact of financial development on energy consumption in Nigeria within the study period 1960–2019. Energy consumption in this study consists of fossil fuel energy consumption (FFEC) and renewable energy consumption (REEC). The ARDL bounds testing approach is used to determine whether a long-run relationship exists among the variables. The findings showed evidence of a short-run relationship. However, there was no long-run relationship. In terms of FFEC, the study outcomes showed that financial development has a significant and negative impact on FFEC when domestic credit provided by the financial sector (DCPF) variable is used. However, the impact is not significant when the market capitalisation of listed domestic companies (MCAP) variable is used. Based on the Wald test, financial development variables at different lags jointly influence FFEC. For REEC, the results show that financial development significantly and positively impacts REEC at the 10% level of significance when the DCPF variable is used. However, it is insignificant when the MCAP variable is used. Using the Wald test, financial development variables at different lags jointly influence REEC. On the other hand, GDP is found to have a negative relationship with FFEC, but a positive relationship with REEC.

中文翻译：

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尼日利亚金融发展对能源消费的影响

本研究评估了 1960-2019 年研究期间金融发展对尼日利亚能源消费的影响。本研究中的能源消耗包括化石燃料能源消耗（FFEC）和可再生能源消耗（REEC）。ARDL 边界测试方法用于确定变量之间是否存在长期关系。调查结果显示了短期关系的证据。然而，并没有长期的关系。就FFEC而言，研究结果表明，当使用金融部门提供的国内信贷（DCPF）变量时，金融发展对FFEC有显着的负面影响。但是，当使用国内上市公司市值（MCAP）变量时，影响并不显着。基于 Wald 检验，不同滞后期的金融发展变量共同影响FFEC。对于 REEC，结果表明，当使用 DCPF 变量时，金融发展在 10% 的显着性水平上对 REEC 产生显着的积极影响。但是，当使用 MCAP 变量时，它无关紧要。使用 Wald 检验，不同滞后期的金融发展变量共同影响 REEC。另一方面，发现 GDP 与 FFEC 呈负相关，但与 REEC 呈正相关。