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Oil Price Fluctuation, Oil Revenue and Well-being in Nigeria

Author

Listed:
  • Charles O. Manasseh

    (Department of Economics, Coal City University Enugu, Enugu-Abakaliki Express Way, Emene, Nigeria,)

  • Felicia C. Abada

    (Social Science Unit, School of General Studies, University of Nigeria Nsukka, Nigeria,)

  • Jonathan E. Ogbuabor

    (Department of Economics, University of Nigeria Nsukka, Nigeria)

  • Okoro E.U. Okoro

    (Department of Banking and Finance, University of Nigeria Enugu Campus, Nigeria,)

  • Aja Ebeke Egele

    (Department of Marketing, Ebonyi State University Abakaliki, Nigeria.)

  • Kenneth C. Ozuzu

    (Department of Economics, University of Nigeria Nsukka, Nigeria)

Abstract

Using annual time series data which covers the period 1981 to 2014 and multiple regression techniques, the study investigate the impact of oil price fluctuation and oil revenue on well-being in Nigeria. The findings suggest that oil price fluctuations have no significant impact on well-being, while oil revenue is observed to have a significant and positive impact on well-being. Notwithstanding the insignificant impact of oil price fluctuation, further investigation using Johanson cointegration test shows the existence of long run relationship in the series. This implies that, as oil prices increases/decreases, so does well-being of the people. In like manner, we also found that, as the oil revenue increases/decreases, so does the well-being of the people. In view of the findings, we suggest that government should save more at the time oil boom that is when oil price rises above its benchmark. Furthermore, we are of the opinion that the control and management of the excess crude account (ECA) should be solely delegated to Central Bank of Nigeria with no form of interference.

Suggested Citation

  • Charles O. Manasseh & Felicia C. Abada & Jonathan E. Ogbuabor & Okoro E.U. Okoro & Aja Ebeke Egele & Kenneth C. Ozuzu, 2019. "Oil Price Fluctuation, Oil Revenue and Well-being in Nigeria," International Journal of Energy Economics and Policy, Econjournals, vol. 9(1), pages 346-355.
    • Handle: RePEc:eco:journ2:2019-01-44
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    Citations

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    Cited by:

    1. Gabriel Oduyemi & Taiwo Owoeye, 2020. "Oil Price Fluctuation and Health Outcomes in an Oil Exporting Country: Evidence from Nigeria," International Journal of Energy Economics and Policy, Econjournals, vol. 10(4), pages 212-220.
    2. Mignamissi, Dieudonné & Malah Kuete, Yselle Flora, 2021. "Resource rents and happiness on a global perspective: The resource curse revisited," Resources Policy, Elsevier, vol. 71(C).
    3. Olga E. Bashina & Marina D. Simonova & Lilia V. Matraeva & Irina P. Mamiy & Nataliya A. Korolkova, 2023. "Specifics of Public Administration in Countries With a Developed Energy Sector: The Case Study," SAGE Open, , vol. 13(2), pages 21582440231, May.
    4. Charles O. Manasseh & Nnenna G. Nwonye & Felicia C. Abada & Ogochukwu Okanya & Anuli R. Ogbuagu & Felicia U. Eze-Dike & Osmond N. Okonkwo & Otene Samson & Okechukwu J. Akamike & John O. Okoh & Peter O, 2022. "Evaluating Oil Price Movement and Revenue Generation in Nigeria during Covid-19 Pandemic: Experience from Pre and Post Era," International Journal of Energy Economics and Policy, Econjournals, vol. 12(3), pages 57-65, May.
    5. Michael Oguwuike Enyoghasim & Lasbrey Anochiwa & F. Tobechi Agbanike & Iyke Uwazie Uwazie & E. Uma Kalu & O. Kelvin Onwuka & Sunday Amalunweze Okwor & Ikwor Okoroafor Ogbonnaya, 2019. "Oil Exploration and Exploitation in Nigeria and the Challenge of Sustainable Development: An Assessment of the Niger Delta," International Journal of Energy Economics and Policy, Econjournals, vol. 9(4), pages 369-380.
    6. Abiodun Edward Adelegan & Emmanuel Otu & Michael Oguwuike Enyoghasim & Uwazie Iyke Uwazie & C. Paul Obidike & Nwanja Joseph Chukwu & Chibuzo Glory Agu & Clara Kelechi Anyanwu & Uche Sunday Aja & Adeol, 2021. "Oil Price Shocks and Oil Revenue: Investigating the Propositions for Well-Being in Nigeria," International Journal of Energy Economics and Policy, Econjournals, vol. 11(5), pages 59-65.
    7. Slesman, Ly, 2022. "The elusive curse of natural resources on happiness," Resources Policy, Elsevier, vol. 79(C).

    More about this item

    Keywords

    Oil price fluctuation; Oil Revenue; Well-being; Nigeria;
    All these keywords.

    JEL classification:

    • E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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