Journal of Economic, Finance Research and Review (JEFRR) · Research article · Open access
Carbon Credit Accounting and Climate Change Mitigation of Oil and Gas Firms in Nigeria
EGBUDUMHE Suleiman Andrew, OKOLIE Augustine Oke
5 November 2026 · Vol. 2, Issue 11, pp. 764-774
DOI: 10.65150/EP-jefrr/V2E11/2026-01 (registration with Crossref in progress)
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What is this article about?
The study examined the effect of carbon credit accounting on climate change mitigation among oil and gas firms in Nigeria. Specifically, it assessed the effects of emission intensity ratio (EIR), carbon cost intensity ratio (CCIR), renewables and energy mix (REM), environmental liability ratio (ELR), energy intensity ratio (ENIR), and gas flaring ratio (GFR) on emissions reduction rate (ERR) among listed oil and gas firms in Nigeria.
Article at a glance
- Published
- 5 November 2026
- Volume / issue / pages
- Vol. 2, Issue 11, pp. 764-774
- ISSN
- 3051-3650 (online) · 3051-3642 (print)
- Licence
- CC BY 4.0 — free to read and reuse with attribution
- Peer review
- Double-blind, at least two independent reviewers
- Publisher
- EP Journals Group
Abstract
The study examined the effect of carbon credit accounting on climate change mitigation among oil and gas firms in Nigeria. Specifically, it assessed the effects of emission intensity ratio (EIR), carbon cost intensity ratio (CCIR), renewables and energy mix (REM), environmental liability ratio (ELR), energy intensity ratio (ENIR), and gas flaring ratio (GFR) on emissions reduction rate (ERR) among listed oil and gas firms in Nigeria. An ex-post facto research design was adopted, using historical environmental and financial data obtained from firms’ annual reports, sustainability reports, and audited financial statements. A longitudinal panel framework was employed to account for firm-level and time-based variations in carbon credit accounting practices and emissions reduction performance. The population comprised all 8 oil and gas firms listed on the Nigerian Exchange Group as of 31 May 2026, and a census sampling technique was adopted due to the manageable population size. The study covered a 10-year period from 2016 to 2025. Data analysis was conducted using E-Views Version 9.0, employing descriptive statistics, correlation analysis, cross-sectional dependence tests, panel unit root tests, Pedroni cointegration tests, redundant fixed effects tests, Hausman tests, and panel regression estimation. The findings showed that EIR had a positive and significant effect on ERR, with a coefficient of 0.158532 and probability value of 0.0002, resulting in the rejection of the null hypothesis. CCIR also exerted a positive and significant effect on ERR, with a coefficient of 0.123955 and probability value of 0.0000. REM had a positive and significant effect, with a coefficient of 0.124114 and probability value of 0.0000. Conversely, ELR had a negative but significant effect on ERR, with a coefficient of -0.150372 and probability value of 0.0474. ENIR and GFR had negative but insignificant effects, with probability values of 0.2380 and 0.7239, respectively. The study concluded that carbon credit accounting practices significantly contributed to climate change mitigation and recommended stronger carbon accounting, emission monitoring, carbon cost integration, renewable energy investment, environmental liability management, energy efficiency, and gas flaring reduction initiatives.
Keywords
- Emissions reduction rate
- Emission intensity ratio
- Carbon cost intensity ratio
- Renewable energy and energy mix
- Environmental liability ratio
- Energy intensity ratio and Gas flaring ratio
Cite this article
EGBUDUMHE Suleiman Andrew, & OKOLIE Augustine Oke (2026). Carbon Credit Accounting and Climate Change Mitigation of Oil and Gas Firms in Nigeria. Journal of Economic, Finance Research and Review, 2(11), 764-774. https://www.ep-journals.org/articles/carbon-credit-accounting-and-climate-change-mitigation-of-oil-and-5fb43937
@article{EGBUDUMHE2026,
title = {Carbon Credit Accounting and Climate Change Mitigation of Oil and Gas Firms in Nigeria},
author = {EGBUDUMHE Suleiman Andrew and OKOLIE Augustine Oke},
journal = {Journal of Economic, Finance Research and Review},
year = {2026},
volume = {2},
number = {11},
pages = {764-774},
url = {https://www.ep-journals.org/articles/carbon-credit-accounting-and-climate-change-mitigation-of-oil-and-5fb43937}
}Published in Journal of Economic, Finance Research and Review (JEFRR)
ISSN 3051-3650 (online) · 3051-3642 (print)
Questions about this article
Who wrote this article?
EGBUDUMHE Suleiman Andrew, OKOLIE Augustine Oke.
Where and when was it published?
In Journal of Economic, Finance Research and Review, Volume 2, Issue 11, pages 764-774, published by EP Journals Group on 5 November 2026.
Is this article free to read?
Yes. It is open access under a Creative Commons Attribution 4.0 (CC BY 4.0) licence, so anyone can read, share and reuse it with attribution.
What is the DOI of this article?
10.65150/EP-jefrr/V2E11/2026-01. Registration with Crossref is in progress.
How do I cite this article?
APA: EGBUDUMHE Suleiman Andrew, & OKOLIE Augustine Oke (2026). Carbon Credit Accounting and Climate Change Mitigation of Oil and Gas Firms in Nigeria. Journal of Economic, Finance Research and Review, 2(11), 764-774. https://www.ep-journals.org/articles/carbon-credit-accounting-and-climate-change-mitigation-of-oil-and-5fb43937
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