Oil Demand Elasticities in Nigeria

Felix B. Dayo and Anthony O. Adeghulugbe

The Energy Journal, 1987, vol. Volume 8, issue Number 2, 31-41

Abstract: Crude oil, which was first discovered in Nigeria in 1956 by the Shell-BP Development Company, has contributed significantly to the country's economic development. The exploitation of this resource transformed Nigeria's balance of trade from chronic deficits to huge surpluses (especially during the early-to-mid 1970s). This occurred as a result of the increase in the volume as well as the value of crude oil during this period. However, the surplus started to decline in the mid-1970s due to a combination of increased imports (resulting from the oil-boom mentality that had developed) and reduced crude oil exports (caused by the downward trend in world economic situations). By late 1977 the country again had a deficit on visible trade.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1987
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