Abstract: This study presents evidence that carbon emission in Nigeria is not driven by economic growth; rather, it is influenced by financial developments. We find a statistically significant negative impact of FDI stock on per capita CO2 in Nigeria during 1980-2008. The other financial developments indicator, the stock value traded, has a significant and positive impact on carbon emissions. In addition, the results show the non-existence of the inverted-U Environmental Kuznets Curve in Nigeria, judging by the signs and significance of the coefficients of per capita growth and its square.
Ajide Kazeem Bello and Oyinlola Mutiu Abimbola, 2010. Does the Level of Economic Growth Influence Environmental Quality in Nigeria: A Test of Environmental Kuznets Curve (EKC) Hypothesis?. Pakistan Journal of Social Sciences, 7: 325-329.