International records / OpenAlex research

Oil Price Shock and Inflation in Nigeria

This study investigates the impact of oil price shocks on inflation in Nigeria over the period 1990 to 2025. Oil price shock is proxied using crude oil price, oil price volatility, and oil price shock indicators, while inflation is measured by the consumer price index (CPI). Exchange rate is incorporated as a control variable. Data were sourced from the World Bank’s World Development Indicators (WDI) and analyzed using the Augmented Dickey-Fuller (ADF) unit root test and the Auto-Regressive Distributed Lag (ARDL) framework to establish stationarity and long-run relationships. The bounds test r…