Nigeria s Financial Sector Development and Crude Oil Exports: Is There a Link?

Rotimi Ayoade Ogunjumo, Benjamin Ayodele Folorunso, Stephen Adesina Ibitowa and Ademola Onabote
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Rotimi Ayoade Ogunjumo: Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,
Benjamin Ayodele Folorunso: Department of Economics, Obafemi Awolowo University, Ile-Ife, Osun State, Nigeria.
Stephen Adesina Ibitowa: Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,

International Journal of Energy Economics and Policy, 2023, vol. 13, issue 2, 410-416

Abstract: Using yearly data from 1986 to 2020, the study looked at whether the Nigeria's financial sector development is connected to the country s ever increasing crude oil exports. The results of the utilized Autoregressive Distributed Lag (ARDL) model demonstrated that, both in the short and long periods, there is no connection between Nigeria's financial sector development and crude oil exports. Additionally, the research indicated that the country's financial system is not yet adequately established to sustain exports of goods other than crude oil in the short term.

Keywords: Financial sector development; crude oil exports; ARDL model; Nigeria (search for similar items in EconPapers)
JEL-codes: F12 G20 O16 (search for similar items in EconPapers)
Date: 2023
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