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VOL. 9, ISSUE 5 (2023)
Oil price and inflation in Nigeria (1991–2021): An empirical analysis
Authors
Atoyebi Kehinde Olusegun, Danmola Rasaq Akonji, Majekodunmi Waheed Oladipo
Abstract
This paper investigates the empirical relationship between global oil
prices and inflation in Nigeria from 1990 to 2022. The study utilizes a vector
autoregressive (VAR) model of the Nigerian economy to assess how oil price
fluctuations move through major channels of the economy to affect inflation.
The model represents the interactions between six (6) variables: the real oil
price, real GDP, M2 monetary aggregates, the spread between rates on FG bonds
with a ten-year constant maturity and FG treasury bills with a three-month
constant maturity, the size of fiscal deficit and the GDP deflator. Estimation
used yearly data from the period 1991 to 2021.
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Pages:45-56
How to cite this article:
Atoyebi Kehinde Olusegun, Danmola Rasaq Akonji, Majekodunmi Waheed Oladipo "Oil price and inflation in Nigeria (1991–2021): An empirical analysis". International Journal of Humanities and Social Science Research, Vol 9, Issue 5, 2023, Pages 45-56
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