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

This paper examines the impact of oil price shocks on Nigerian economic growth while controlling the effects of unrest in the international oil market, exchange rate and agriculture output using quarterly time series data from 1970:q1-20011:q4.The broad objective of the study is to evaluate the long run relationship among the variables namely; oil price, exchange rate, agriculture output, unrest and economic growth. The research applied ADF unit root tests to ascertain the stationary of the series and also employed Johansen and Juselius (1990) trace and maximal eigenvalue tests to ensure long-…

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