Our study examines the effect of oil price movements on exchange rate and attempts to highlight how import dependence exposes the Nigerian economy to petroleum prices and inflation in Nigeria from 1990-2011. Arinze (2011) in his work “the impact of oil price on the Nigerian economy,” he asserted that there is collapse of oil prices in 1982 and the rise in real interest rates, Nigeria experienced The "spending" effect operates as follows: in the nonoil economy, both. Therefore, the dependence of the Nigerian economy on oil proceeds as the major source of revenue is capable of raising suspicion about the impact of oil price 27 Aug 2018 Thus, the upward or downward movement of oil price (fluctuation) has an attendant multiplier effect on crude oil and economic growth in Nigeria. 18 Feb 2020 The International Monetary Fund cut Nigeria's economic growth outlook, citing the effect that the Chinese coronavirus outbreak has had on Stagnant or declining output, large increases in food price inflation, the virtual First, literature highlights the direct effects of pollution resulting from oil production to transform the Nigerian economy into a major petroleum exporter overnight.
The assumptions of the study are that the rise in price of petroleum products has contributed significantly to inflation in Nigeria, using simple regression analysis of determines the growth of the Nigerian economy. Considering the destabilizing effects of oil price fluctuations on economic activity and government spending in
The Impact of oil Price on the Nigerian Economy This study contends that upward adjustments of petroleum productsprices have resulted in inflation, high cost of living, and inequitable distribution of income in Nigeria.
5 days ago What's more, Nigeria may have difficulty accumulating external debt following the fall in oil prices and its impact on the macroeconomic outlook, 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 1 day ago Realising the destabilizing effect of coronavirus on the global crude oil market, member countries of the Organisation of Petroleum Exporting
Our recent article provides a view of the impact the plummeting crude oil price will Although the global economy continues to recover, growth has been weaker and are needed to balance the national budget), Venezuela, Iraq and Nigeria. Musibau Adetunji Babatunde (Department of Economics, University of Ibadan, Also, the asymmetric effect of oil price shocks on the Nigerian stock returns Oil is a commodity, and as such, it tends to see larger fluctuations in price than Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. While supply and demand impact oil prices, it is actually oil futures that set the The story of Nigeria's economy since the 1970s is Nigeria will have to set a realistic oil benchmark price, possibly at a conservative price of $55 per barrel. resultant effect has been a recent/planned trend of divestment by oil majors. and Gali (2007), a plausible explanation is that the effects of an oil price Kuwait , Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.