Global Financial Crisis and Oil Revenue in Nigeria

Abstract

This study examines the recent global financial crisis and its impact on the Nigerian crude oil revenue. The study used monthly data on crude oil revenue spanning 24 months before the crisis and the first 24 months during the crisis. The study employed the use of small sampling theory for analysis and the result showed that global financial crisis significantly affected oil revenue in Nigeria-even though the magnitude of the impact is beginning to ease from earlier reports. Tighter controls and regulation of the financial system together with economic diversification are recommended to mitigate against future occurrence.

Keywords: Financial Crisis, Oil Revenue, Small Sampling Theory