Oil Price Fluctuation, Oil Revenue and Well-being in Nigeria

Charles Manasseh, Felicia C. Abada, Jonathan E. Ogbuabor, Okoro E.U. Okoro, Aja Ebeke Egele and Kenneth C. Ozuzu
Additional contact information
Felicia C. Abada: Social Science Unit, School of General Studies, University of Nigeria Nsukka, Nigeria,
Jonathan E. Ogbuabor: Department of Economics, University of Nigeria Nsukka, Nigeria
Okoro E.U. Okoro: Department of Banking and Finance, University of Nigeria Enugu Campus, Nigeria,
Aja Ebeke Egele: Department of Marketing, Ebonyi State University Abakaliki, Nigeria.
Kenneth C. Ozuzu: Department of Economics, University of Nigeria Nsukka, Nigeria

International Journal of Energy Economics and Policy, 2019, vol. 9, issue 1, 346-355

Abstract: Using annual time series data which covers the period 1981 to 2014 and multiple regression techniques, the study investigate the impact of oil price fluctuation and oil revenue on well-being in Nigeria. The findings suggest that oil price fluctuations have no significant impact on well-being, while oil revenue is observed to have a significant and positive impact on well-being. Notwithstanding the insignificant impact of oil price fluctuation, further investigation using Johanson cointegration test shows the existence of long run relationship in the series. This implies that, as oil prices increases/decreases, so does well-being of the people. In like manner, we also found that, as the oil revenue increases/decreases, so does the well-being of the people. In view of the findings, we suggest that government should save more at the time oil boom that is when oil price rises above its benchmark. Furthermore, we are of the opinion that the control and management of the excess crude account (ECA) should be solely delegated to Central Bank of Nigeria with no form of interference.

Keywords: Oil price fluctuation; Oil Revenue; Well-being; Nigeria (search for similar items in EconPapers)
JEL-codes: E39 I31 (search for similar items in EconPapers)
Date: 2019
References: View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2019-01-44

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