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Oil price shocks and Nigerian economic growth.

Alley, Ibrahim; Asekomeh, Ayodele; Mobolaji, Hakeem; Adeniran, Yinka A.


Ibrahim Alley

Hakeem Mobolaji

Yinka A. Adeniran


This study employs the general methods of moment (GMM) to examine the impact of oil price shocks on the Nigerian economy, using data from 1981 to 2012. After appropriate robustness checks, the study finds out that oil price shocks insignificantly retards economic growth while oil price itself significantly improves it. The significant positive effect of oil price on economic growth confirms the conventional wisdom that oil price increase is beneficial to oil-exporting country like Nigeria. Shocks however create uncertainty and undermine effective fiscal management of crude oil revenue; hence the negative effect of oil price shocks.


ALLEY, I., ASEKOMEH, A., MOBOLAJI, H. and ADENIRAN, Y.A. 2014. Oil price shocks and Nigerian economic growth. European scientific journal [online], 10(19), pages 375-391. Available from:

Journal Article Type Article
Acceptance Date Jul 31, 2014
Online Publication Date Jul 30, 2014
Publication Date Jul 31, 2014
Deposit Date Jul 15, 2022
Publicly Available Date Jul 19, 2022
Journal European Scientific Journal
Print ISSN 1857-7881
Electronic ISSN 1857-7431
Publisher European Scientific Institute
Peer Reviewed Peer Reviewed
Volume 10
Issue 19
Pages 375-391
Keywords Oil price shocks; Economic growth; GMM
Public URL


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