International records / OpenAlex research

Crude Oil Exploration-External Reserves Nexus in Nigeria

This study empirically investigates the relationship between Nigeria’s crude oil and the external reserves. It examined the dynamic causal interactions among key macroeconomic indicators in Nigeria using a Vector Error Correction Model (VECM) framework using the dataset from 1982 to 2022. The study found that external reserves are significantly shaped by trade openness and inflation, while reserves themselves exert influence on inflation and crude oil activities. Crude oil remains a central pivot in the Nigerian economy, both affecting and being affected by variables such as Gross Domestic Pro…