“…Their impact and intensity may differ from one region to another. External shocks can affect the domestic economy and financial markets through the corporate balance sheet effect, the competitiveness channel, and credit conditions in the domestic economy (Deb, Nadeem, Peiris, 2021). According to Soyemi et al (2017), Nigeria's economy was affected by the oil price shock, which consequently affected equity market activities directly and indirectly through the commodity market.…”