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Oil Resource Abundance in Nigeria and Iran: Contrapuntal Effect on Social and Economic Welfare

Ekundayo Mesagan (), Aboje Unah, Olamide Idowu and Abidemi Alamu
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Aboje Unah: Department of Economics, University of Lagos, Lagos, Nigeria
Olamide Idowu: Department of Economics, University of Lagos, Lagos, Nigeria
Abidemi Alamu: Department of Economics, University of Lagos, Lagos, Nigeria

BizEcons Quarterly, 2019, vol. 4, 3-22

Abstract: The study focuses on the contrapuntal effect of oil resource abundance in Nigeria and Iran between 1970 and 2016. It is driven by the fact that oil resource abundance has an impact on both economic and social welfare of citizens of both countries. We analyse data from crude oil production, exchange rate, life expectancy, mortality rate and the real gross domestic product per-capita using the vector error correction framework. We find that oil resource abundance has a contrapuntal effect on the social and economic welfare of Nigerians while we did not find evidence of a contrapuntal effect on Iranians’ welfare.

Keywords: Economic welfare; Social Welfare; Oil Resource (search for similar items in EconPapers)
JEL-codes: Q01 Q40 (search for similar items in EconPapers)
Date: 2019
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