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THE IMPACT OF OIL PRICE ON NIGERIA ECONOMY
Abstract
The study examined the impact of oil price on Nigeria economy from the of (1988-2019). The main objective of the study is to assess the influence of oil price on economic growth and their relationship. The data used for the is secondary data sourced from the CBN and World development indicators. The technics of analysis employed are linear multiple regression and correlation, the tools used for carrying out this analysis was Stata 14. the finding of the study is; among the variables run for the regression only inflation is not statistically significance to influence oil price, while the other variable such as; LnGDP, EXR, FBI, and NX they are statistically significant and strongly influence oil price. It was also observed that oil price and economic growth are statistically significant. Also, they are positively correlated. The hypothesis of the study was confirmed positive means; fail to accept the null hypothesis. The study suggest that the more oil price are allowed to fluctuate the more oil importing and exporting country will be at risk, exchange should be highly and affectively monitored so that ensure harmony in the both capital and money market in the country, lastly, export should be promoted, so that to ensure sustainable balance of trade. With that oil price will at harmony in the economy.
Keywords: Oil Price, Economic growth, Nigeria Economy, Macroeconomics, Regression, and correlation