Nigeria’s Volatile Oil Revenue: Is There a Cause for Concern?


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Authors

  • Rotimi Ayoade Ogunjumo Department of Economics, Landmark University, Omu-Aran, Nigeria; & Landmark University SDG 8 Group, Landmark University, Omu-Aran, Nigeria
  • Nuhu Musa Department of Economics, Kogi State University, Anyigba, Nigeria
  • Ibrahim Adama Department of Economics, Landmark University, Omu-Aran, Nigeria
  • Silas Idoko Abu Department of Economics, Kogi State University, Anyigba, Nigeria
  • Hitlar Inedu Department of Economics, Kogi State University, Anyigba, Nigeria
  • Salami Hamzat Department of Economics, Kogi State University, Anyigba, Nigeria
  • Stephen Adesina Ibitowa Department of Economics, Landmark University, Omu-Aran, Nigeria; & Landmark University SDG 8 Group, Landmark University, Omu-Aran, Nigeria

DOI:

https://doi.org/10.32479/ijeep.14745

Keywords:

Oil Revenue Volatility, ARDL, Short-run, Long-run, Nigeria

Abstract

This study, unlike previous studies, investigates the impact of volatile oil revenue on economic growth in Nigeria from 1986-2020. The study adopted the Auto-Regressive Distributed Lag technique (ARDL) to analyze the data. The results show that in the short-run, oil revenue volatility significantly depressed economic growth. In the long-run, however, oil revenue volatility improves economic growth in the country. The study therefore recommends that governments and policymakers in Nigeria should vigorously pursue policies that will reduce the reliance on oil revenue through greater economic diversification; otherwise economic growth may worsen in the short-run.

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Published

2024-03-15

How to Cite

Ogunjumo, R. A., Musa, N., Adama, I., Abu, S. I., Inedu, H., Hamzat, S., & Ibitowa, S. A. (2024). Nigeria’s Volatile Oil Revenue: Is There a Cause for Concern?. International Journal of Energy Economics and Policy, 14(2), 299–303. https://doi.org/10.32479/ijeep.14745

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