Crude Oil Price and Exchange Rate on Economic Growth: ARDL Approach - Open Access Library Journal

OALibJ > Vol.6 No.12, December 2019

Crude Oil Price and Exchange Rate on Economic Growth: ARDL Approach ()

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DOI: 10.4236/oalib.1105930 2,063 Downloads 6,145 Views Citations

Author(s)

Kabiru Saidu Musa¹, Rabiu Maijama’a², Hassan Usman Shaibu¹, Abdurrahman Muhammad¹

Affiliation(s)

¹Department of Economics, Faculty of Social and Management Sciences, Bauchi State University, Gadau, Nigeria.
²Nigerian National Petroleum Corporation, Abuja, Nigeria.

ABSTRACT

This study investigated the impact of crude oil price and exchange rate on economic growth in Nigeria using an autoregressive distributed lag model covering the period from 1982-2018. The results indicated that crude oil price and exchange rate have significant positive impact on economic growth in both the long-run and the short-run periods. The findings suggested that crude oil price and exchange rate which are the focal points of the study, could affect economic growth in both the long-run and the short-run. Therefore government should diversify its earnings in agriculture, industrialization and investment in order to reduce the heavy reliance on crude oil and income fluctuation resulting from the fluctuation in crude oil prices.

KEYWORDS

Crude Oil Price, Exchange Rate, GDP per Capita, ARDL Approach, Granger Causality

Share and Cite:

Musa, K. , Maijama’a, R. , Shaibu, H. and Muhammad, A. (2019) Crude Oil Price and Exchange Rate on Economic Growth: ARDL Approach. Open Access Library Journal, 6, 1-5. doi: 10.4236/oalib.1105930.

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