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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/2313

Title: Impact of Oil Price Volatility on Macroeconomic Variables and Sustainable Development in Nigeria
Authors: Eneji, Mathias Agri
Mai-Lafia, Dimis Inusa
Nnandi, Drenkat Kennedy
Keywords: Exchange rates
Balance of payments
Real GDP
Government revenue
Issue Date: 2016
Publisher: International Journal of Economics and Financial Research
Series/Report no.: Vol.2;No. 2: Pp 33-40
Abstract: The main objective of this study is to determine the impact of oil price volatility on macroeconomic variables and sustainable development in Nigeria. The significant role of oil in the Nigerian economy cannot be overestimated. Though there are studies by other researchers on oil prices and macroeconomic variables, their findings are contentious and country-specific. Our literature review and methodology shade lights on these positions. We used secondary time series data in a vector auto regression analysis. We found that fluctuations in oil prices do substantially affect the real GDP, exchange rates, Unemployment, Balance of payments and interest rates in Nigeria. Negative shocks in the international oil market, have significant impact on price fluctuations. Due to increased imports in the Nigerian economy, inflationary pressures are inevitable and are pronounced. Government revenues and expenditures have decreased significantly. We recommend diversification of the economy and energy sources for sustainable development in Nigeria.
URI: http://hdl.handle.net/123456789/2313
ISSN: 2411-9407
Appears in Collections:Economics

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