Nigeria’s Financial Sector Development and Crude Oil Exports: Is There a Link?


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Authors

  • Rotimi Ayoade Ogunjumo Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,
  • Benjamin Ayodele Folorunso Department of Economics, Obafemi Awolowo University, Ile-Ife, Osun State, Nigeria.
  • Stephen Adesina Ibitowa Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,
  • Ademola Andrew Onabote Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,

DOI:

https://doi.org/10.32479/ijeep.14061

Keywords:

Financial sector development, crude oil exports, ARDL model, Nigeria

Abstract

Using yearly data from 1986 to 2020, the study looked at whether the Nigeria's financial sector development is connected to the country’s ever increasing crude oil exports. The results of the utilized Autoregressive Distributed Lag (ARDL) model demonstrated that, both in the short and long periods, there is no connection between Nigeria's financial sector development and crude oil exports. Additionally, the research indicated that the country's financial system is not yet adequately established to sustain exports of goods other than crude oil in the short term.

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Author Biographies

Rotimi Ayoade Ogunjumo, Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,

Department of Economics, Lecturer 11

Benjamin Ayodele Folorunso, Department of Economics, Obafemi Awolowo University, Ile-Ife, Osun State, Nigeria.

Department of Economics, Professor

Stephen Adesina Ibitowa, Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,

Department of Economics, Lecturer 11

Ademola Andrew Onabote, Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,

Department of Economics, AL

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Published

2023-03-24

How to Cite

Ogunjumo, R. A., Folorunso, B. A., Ibitowa, S. A., & Onabote, A. A. (2023). Nigeria’s Financial Sector Development and Crude Oil Exports: Is There a Link?. International Journal of Energy Economics and Policy, 13(2), 410–416. https://doi.org/10.32479/ijeep.14061

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