EFFECT OF CRUDE OIL PRICE ON ECONOMIC GROWTH IN NIGERIA (1985-2019)

Oluwatobiloba Ebenezer Oyalabu, Grace Idowu Oyalabu (PhD)

Abstract


This study examined the effect of crude oil prices on economic growth in Nigeria between 1985 and 2019 based on the Renaissance growth model. The theory was hinged on the exporting and importing countries’ experience on the impact of changes in oil prices in diverse ways, depending on the internal mechanism for stabilization. The Auto-Regressive Distributed Lag showed that a positive and statistically insignificant relationship exists between crude oil price and economic growth in Nigeria. The study, therefore, pointed out the need for the government to allocate more funds to capital expenditure in projects. This will create more jobs and reduce the unemployment rate. It also recommended diversification of the Nigerian economy which is imperative given the economic recession in the country.  


Keywords


Effect, Crude Oil, Price, Economic Growth, Nigeria.

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References


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Copyright (c) 2023 Oluwatobiloba Ebenezer Oyalabu, Grace Idowu Oyalabu (PhD)

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 ISSN (Print):   2695-2319

ISSN (Online): 2695-2327

 

 

   

 

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.