Oil Price Volatility Boosts Nigerian Economy: Diversification Key to Stability
The study looked at how the fluctuating price of crude oil affects Nigeria's economy. They used different methods to analyze the relationship between oil prices and economic growth from 1970 to 2018. The findings showed that when oil prices go up, the economy grows, but when they drop, the economy suffers. To make the economy more stable, the government should focus on other sources of income like agriculture and industry, and also work on stabilizing the exchange rate. Additionally, lowering the price of gasoline and encouraging competition in the oil industry could help improve the situation.