Economics, Econometrics and Finance
8 years ago

Oil price volatility threatens economic survival of Nigeria, urgent policy changes needed.

DOAJ (DOAJ: Directory of Open Access Journals)
Oil Price Volatility and Economic Growth in Nigeria: a Vector Auto-Regression (VAR) Approach
Edesiri Godsday Okoro

Paper Summary

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Oil price volatility significantly impacts Nigeria's economic growth. The country heavily relies on crude oil revenue, which poses risks to its economy. The study used data from 1980-2010 to show a negative relationship between oil price volatility and economic growth. Nigeria needs to diversify its revenue sources and save oil profits for stability in the face of price fluctuations.