How Important is Oil in Nigeria’s Economic Growth?

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dc.contributor.authorAkinlo, Anthony Enisan
dc.date.accessioned2023-05-13T16:48:46Z
dc.date.available2023-05-13T16:48:46Z
dc.date.issued2012-04-01
dc.descriptionCanadian Center of Science and Education,Vol 5,NO 4,p.165-179en_US
dc.description.abstractThis study assesses the importance of oil in the development of the Nigerian economy in a multivariate VAR model over the period 1960-2009. Empirical evidence shows that the five subsectors are cointegrated and that the oil can cause other non oil sectors to grow. However, oil had adverse effect on the manufacturing sector. Granger causality test finds bidirectional causality between oil and manufacturing, oil and building & construction, manufacturing and building & construction, manufacturing and trade & services, and agriculture and building & construction. It also confirms unidirectional causality from manufacturing to agriculture and trade & services to oil. No causality was found between agriculture and oil, likewise between trade & services and building & construction. The paper recommends appropriate regulatory and pricing reforms in the oil sector to integrate it into the economy and reverse the negative impact of oil on the manufacturing sub sectoren_US
dc.identifier.urihttps://ir.oauife.edu.ng/123456789/5363
dc.language.isoenen_US
dc.publisherCanadian Center of Science and Educationen_US
dc.subjectVAR model, Causality, Oil, Impulse response functions, Development, Nigeriaen_US
dc.titleHow Important is Oil in Nigeria’s Economic Growth?en_US
dc.typeJournalen_US
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