Impact of Oil Price Shocks and Economic Growth in Nigeria: Evidence from 1990-2021
Garba Bamaiyi
Abstract:This research explores the impact of oil price shocks on the Nigerian economy from 1990 to 2021, focusing on Real Gross Domestic Product (RGDP), Exchange Rate (EXR), and Balance of Payments (BOP). Utilising a Vector Autoregressive (VAR) model, the study reveals a positive impact of oil price shocks on RGDP, indication economic expansion during global crude oil price and contraction during decline, such as observed in the 2015 recession. Variance decomposition analysis demonstrate the variability contributions… Show more
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