TO GET THE COMPLETE JOURNAL/THESIS FOR TOPIC BELOW,
CALL: 08168759420, 08068231953
WHATSAPP: 08137701720
IMPACT OF CRUDE OIL PRICE VOLATILITY ON ECONOMIC GROWTH IN NIGERIA (1980 -2014)
Abstract: The recent shock in crude oil prices which started in July 2014 has adversely affected Nigeria, especially in the areas of foreign reserves, currencies crisis, declining government revenue, and ultimately, threat in terms of ability to meet financial obligations as at when due. Oil price changes, volatility have been a very controversial topic among different scholars. The main objective of this study is to investigate the impact of crude oil price volatility on economic growth of Nigeria. The study utilizes secondary data from various sources and covers a period of 1980 to 2014. Multiple regressionswere used as a tool for data analysis and the findings revealed that there is a positive and significant relationship between oil price and economic growth. Based on the findings the researchers hereby conclude that oil price volatility does not have a positive impact on the economy (contrary to the findings of some earlier studies) but oil price itself does. In the light of the above findings, the researchers hereby recommend that, the country should diversify its export revenue base as a means of minimizing reliance on crude oil and petroleum products, Such as fiscal prudence, reform in budgetary operations, export diversification, revival of the non-oil sector of the economy, accountability and corporate governance.
Keywords: Corporate Governance, Export Diversification, Shocks, Volatility