Oil price shocks in Nigeria impact inflation, GDP, and manufacturing output.
Oil price shocks can have different effects on economies depending on factors like whether they import or export oil, their monetary policies, and how open their economy is. This study used different models to see how oil price changes affect things like inflation, money supply, and government spending in Nigeria. The results show that oil price shocks can impact the economy through government spending, leading to changes in things like inflation and manufacturing output.