African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4164

Full Length Research Paper

An analysis of the impact of oil price shocks on the growth of the Nigerian economy: 1970-2011

Musa Yusuf
  • Musa Yusuf
  • Department of Economics Nigerian Defence Academy Kaduna, Nigeria.
  • Google Scholar

  •  Received: 29 April 2014
  •  Accepted: 06 February 2015
  •  Published: 14 February 2015


Agbede MO(2013). The growth implications of oil price shocks in Nigeria. J. Emerging Trends Econ. Manage. Sci. 4(3): 343-349.


Aliyu SUR (2009). "Impact of Oil Price Shock and Exchange Rate Volatility On Economic Growth in Nigeria: An Empirical Investigation", Res. J. Int. Stud. 11: 4-15.


Anshasy EA, Bradley MD, Joutz FL (2005). "Evidence on the role of oil prices in Venezuela's economic Performance: 1950-2001" Working Paper, University of Washington.


Anyanwu J.C (1997), Modern Macroeconomics theory and applications. Joanee education publications Onitsha, Nigeria.


Ayadi OF (2005). "Oil Price Fluctuations and the Nigerian Economy" OPEC Review 12:199–217.


Ayoola JO (2013). Does Volatility in Crude Oil Price Precipitate Macroeconomic Performance in Nigeria?. Int. J. Energy Econ. Policy 3(2): 143-152.


Berument H, Ceylan NB (2005). "The Impact of Oil Price Shocks on the Economic Growth of the Selected MENA Countries", Working Paper, Bilkent University.


Bjørnland H (2004). "Oil Price Shocks and Stock Market Booms in an Oil Exporting", Paper provided by Norges Bank in its series Working Paper with number 2008/16.


Blanchard O, Quah D (1989). "The dynamic effects of aggregate demand and supply disturbances". Am. Econ. Rev. 79: 655-673.


CBN (2008). "Statistical Bulletin". Vol 18, December. Central Bank of Nigeria, Abuja.


Englama A, Duke O, Ogunleye T, Isma'il F (2010). Oil Prices and Exchange Rate Volatility in Nigeria: An Empirical Investigation. Cent. Bank Nigeria Econ. Financ. Rev. 48(3): 31-48.


Grounder R, Bartleet M (2007). "Oil price shocks and economic growth: Evidence for New Zealand, 1989-2006", Paper presented at the New Zealand Association of Economist Annual Conference, Christchurch, 27th to 29th June.


GunuU (2010). Oil price shocks and the Nigerian economy: A Variance Autoregressive (VAR) Model.Int. J. Bus. Manag. 5(8): 39-49.


Hamilton JD (2003). "What is an Oil Shock?" J. Econ.113: 363-398.


Huang Y, Guo F (2007). "The role of oil price shocks on China's real exchange rate." China Econ. Rev. 18: 403-416.


Hunt B, Izard P, Laxton D(2001). The Macroeconomic Effect of Higher Oil Price. IMF Working Paper 01/14.Research Department.


Jiménez-Rodríguez R, Sánchez M (2012). Oil price shocks and Japanese macroeconomic developments. Asian-Pacific Economic Literature. 26(1): 69-83


Joseph TT (2013). Impact of Macroeconomic Variables on the Stock Market Prices of the Stockholm Stock Exchange (OMXS30). Master’s Thesis within International Financial Analysis, Jonkoping International Business School.


OlomolaPA, Adejumo AV (2006), "Oil Price Shock and Macroeconomic Activities in Nigeria". Int. Res. J. Financ. Econ. 3: 28-34.


Rautava J (2004). "The role of oil prices and the real exchange rate in Russia's economy a cointegration approach". J. Comparative Econ. Vol. 32.


Wakeford JJ 2006).The impact of oil price shocks on the South African macroeconomy: History and prospects. SARB Conference.