Oil Price Fluctuations And The Nigerian Economy Pdf

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What a daunting question! With oil prices increasing rapidly in the recent past, it is hard not to wonder what has caused it and just what effect it might have on the rest of the economy. Let me begin by discussing the evolution of oil prices over time.

How coronavirus and the global oil price war can impact Nigeria

Google Scholar Citations. Toggle navigation. The volatility becomes even more serious in recent time. This has implications for the economies of oil exporting countries, particularly oil dependent countries like Nigeria. The paper examined the impact of these fluctuations on macroeconomic of Nigeria. Using VAR, the impact of crude oil price changes on four key macroeconomic variables was examined. The results show that oil prices have significant impact on real GDP, money supply and unemployment.

It impact on the fourth variable, consumer price index is not significant. This implies that three key macroeconomic variables in Nigeria are significantly explained by exogenous and the highly volatile variable.

Hence, the economy is vulnerable to external shocks. Consequently, the macroeconomic performance will be volatile and macroeconomic management will become difficult. Diversification of the economy is necessary in order to minimize the consequences of external shocks.

This work is licensed under a Creative Commons Attribution 4. Journal Metrics Google Scholar Citations h-index : 93 iindex : h5-Index : 30 h5-Media : Contact Stephen Lee Editorial Assistant ijbm ccsenet.

How coronavirus and the global oil price war can impact Nigeria

Back then, the combination of shale oil production from the US and predictions about sluggish global demand growth, was to blame. Some OPEC members could decide to go renegade and pump out more barrels in the hope of compensating for the rapid decline in prices. Already the uncertainty has been devastating to oil markets, with the lack of coordination and trust amongst key OPEC and non-OPEC actors, fueling a new era of volatility. For Nigeria, an OPEC member, its path to quickly ramp up production is limited by operational, regulatory and infrastructure challenges. Many countries that use commodity price benchmarks have not figured out how to weight Black Swan events — i. In this case, it is the manner in which Coronavirus has spread in a deeply-interconnected world that is alarming.

The study examined oil price volatility and economic growth in Nigeria linking oil price volatility, crude oil prices, oil revenue and Gross Domestic Product. The study revealed that oil price volatility has significantly influenced the level of economic growth in Nigeria although; the result additionally indicated a negative relationship between the oil price volatility and the level of economic growth. This is not a good sign for a developing economy, more so that the country relies almost entirely on revenue of the oil sector as a source of foreign exchange earnings. This therefore portends some dangers for the economic survival of Nigeria. Finally, there should be reduction in monetization of crude oil receipts fiscal discipline , aggressive saving of proceeds from oil booms in future in order to withstand vicissitudes of oil price volatility in future. Design and platform integration by UIS. Home - Vol 10, No 1 - Okoro.


The approach in this paper is to analyse the impact of oil prices on inflation and the industrial production index and a few other macroeconomic variables in.


Acta Universitatis Danubius. Œconomica, Vol 10, No 1 (2014)

The study aims to find the short-run empirical analyses of the impact of oil price fluctuation on the monetary instrument Exchange rate, Inflation, Interest rate in Nigeria. The empirical analyses shows that oil price is a strong determining factor of exchange rate, cost of borrowing and directly influences inflationary or deflationary tendencies in Nigeria. Crude petroleum is one of the fundamental sources of energy in the world and plays an important role in economic growth and development of many economies. Because of the need for this product, the oil market is subjected to the market forces of demand and supply, which do lead to the fluctuation in the pricing. Hamilton [ 1 ], Blanchard and Gali [ 2 ], viewed, changes in the price of oil as an imperative source of economic fluctuations, in which the resultant effect led to global shock, capable of affecting many economic activities instantaneously.

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 - Поэтому я его и попросил. Я не мог позволить себе роскошь… - Директор знает, что вы послали в Испанию частное лицо. - Сьюзан, - сказал Стратмор, уже теряя терпение, - директор не имеет к этому никакого отношения. Он вообще не в курсе дела. Сьюзан смотрела на Стратмора, не веря своим ушам. У нее возникло ощущение, что она разговаривает с абсолютно незнакомым человеком.

 Что ты говоришь. Расскажи это Чатрукьяну. Стратмор подошел ближе. - Чатрукьян мертв. - Да неужели. Ты сам его и убил.

Росио натянула ночную рубашку, глубоко вздохнула и открыла дверь в комнату. Когда она вошла, глаза немца чуть не вывалились из орбит.

И я меньше всего хотел, чтобы кто-нибудь в севильском морге завладел ею. - И вы послали туда Дэвида Беккера? - Сьюзан все еще не могла прийти в.  - Он даже не служит у .

 Смотрите! - сдавленным голосом сказала Мидж, махнув рукой в сторону окна. Фонтейн посмотрел на вспышки огней в куполе шифровалки. Глаза его расширились. Это явно не было составной частью плана.

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