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ABSTRACT
The objective of this present study is to find out the effects of insurance penetration and carbon footprint on economic growth in Nigeria for the period 2000 – 2023. The analysis decomposes life insurance penetration into non-life and life insurance penetration, and carbon footprint is measured using carbon dioxide emissions (CO2). Economic growth is proxied by the GDP growth rate. The methodology employed involves estimating a multivariate regression model. The findings suggest that non-life insurance penetration (NLP) and life insurance penetration (LP) significantly drive economic growth in Nigeria, while carbon footprint does not appear to be a major driver. The study recommends continuing and strengthening the ongoing domestic insurance sector reform to meet the requirements of globalization and global competition, thereby deepening insurance sector penetration and improving economic growth. Furthermore, it suggests that insurance reforms should be implemented in the correct sequence, with a focus on maintaining macroeconomic stability.
