Nigeria’s Volatile Oil Revenue: Is There a Cause for Concern?

Rotimi Ayoade Ogunjumo, Nuhu Musa, Ibrahim Adama, Silas Idoko Abu, Hitlar Inedu, Hamzat Salami and Stephen Adesina Ibitowa
Additional contact information
Rotimi Ayoade Ogunjumo: Department of Economics, Landmark University, Omu-Aran, Nigeria;
Nuhu Musa: Department of Economics, Kogi State University, Anyigba, Nigeria.
Ibrahim Adama: Department of Economics, Landmark University, Omu-Aran, Nigeria;
Silas Idoko Abu: Department of Economics, Kogi State University, Anyigba, Nigeria.
Hitlar Inedu: Department of Economics, Kogi State University, Anyigba, Nigeria.
Stephen Adesina Ibitowa: Department of Economics, Landmark University, Omu-Aran, Nigeria;

International Journal of Energy Economics and Policy, 2024, vol. 14, issue 2, 299-303

Abstract: This study, unlike previous studies, investigates the impact of volatile oil revenue on economic growth in Nigeria from 1986 to 2020. The study adopts the Auto-Regressive Distributed Lag technique (ARDL) to analyze the data. The results show that in the short-run, oil revenue volatility significantly depressed economic growth. In the long-run, however, oil revenue volatility improves economic growth in the country. The study therefore recommends that governments and policymakers in Nigeria should vigorously pursue policies that would reduce the reliance on oil revenue through greater economic diversification; otherwise economic growth may worsen in the short-run.

Keywords: Oil Revenue Volatility; ARDL; Short-run; Long-run; Nigeria (search for similar items in EconPapers)
JEL-codes: F43 Q40 Q43 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://econjournals.com/index.php/ijeep/article/download/14745/7767/36353 (application/pdf)
https://econjournals.com/index.php/ijeep/article/view/14745/7767 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2024-02-29

Access Statistics for this article

International Journal of Energy Economics and Policy is currently edited by Ilhan Ozturk

More articles in International Journal of Energy Economics and Policy from Econjournals
Bibliographic data for series maintained by Ilhan Ozturk ().