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THE EFFECT OF THE 2008 GLOBAL RECESSION ON THE OIL SECTOR AND ITS IMPACT ON ECONOMIC GROWTH IN NIGERIA SCIENTIFIC RESEARCH PROJECT SPRING 2017
Abstract
This study investigates how the 2008 financial crisis affected the oil sector, based on its effects on economic growth in Nigeria using the Ordinary Least Square (OLS) method. The study reveals that there was a negative relationship between GDP and oil production (domestic consumption and export) which is significant at 5% level of significance i.e (P<0.05). The result also showed that there exists decline in the oil sector due to the global recession despite all measures applied by the government to reduce its effects. It was recommended that the federal government needs to deregulate the sector for efficient performance, come up with rigorous policies that will reduce this effects on the real sector. Additionally government should implement policies that would encourage the Private Sector to actively participate in the Crude Oil Sector.
Keywords: Gross Domestic Product (GDP), Oil Price, Oil Export and Domestic Consumption