Crude Oil Price, Stock Price and Some Selected Macroeconomic Indicators: Implications on the Growth of Nigeria Economy
Abstract
This paper analyses the impact of crude oil price, stock price and some selected macro economics variables on the growth of Nigeria economy from 1980 to 2010. Using Johansen cointegration, unit root test and error correction model, it was found that crude oil price, stock price and exchange rate have significant influence on the growth of the Nigeria economy. In the final analysis, the study recommends that central bank of Nigeria should manage the dwindling nature of the interest rate, ensure transparency and accountability in the stock exchange market to boost the confidence of the investors and further as a matter of urgency diversify Nigeria economy from oil reliance to gainful manufacturing so as to minimize negative effects of oil shock.
Keywords: crude oil prices, stock prices; macroeconomics; economic development.
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ISSN (Paper)2222-1697 ISSN (Online)2222-2847
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