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Nigeria s Financial Sector Development and Crude Oil Exports: Is There a Link?

Author

Listed:
  • Rotimi Ayoade Ogunjumo

    (Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,)

  • Benjamin Ayodele Folorunso

    (Department of Economics, Obafemi Awolowo University, Ile-Ife, Osun State, Nigeria.)

  • Stephen Adesina Ibitowa

    (Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,)

  • Ademola Andrew Onabote

    (Department of Economics, Landmark University, Omu-Aran, Kwara State, Nigeria,)

Abstract

Using yearly data from 1986 to 2020, the study looked at whether the Nigeria's financial sector development is connected to the country s ever increasing crude oil exports. The results of the utilized Autoregressive Distributed Lag (ARDL) model demonstrated that, both in the short and long periods, there is no connection between Nigeria's financial sector development and crude oil exports. Additionally, the research indicated that the country's financial system is not yet adequately established to sustain exports of goods other than crude oil in the short term.

Suggested Citation

  • Rotimi Ayoade Ogunjumo & Benjamin Ayodele Folorunso & Stephen Adesina Ibitowa & Ademola Andrew Onabote, 2023. "Nigeria s Financial Sector Development and Crude Oil Exports: Is There a Link?," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 410-416, March.
    • Handle: RePEc:eco:journ2:2023-02-46
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    References listed on IDEAS

    as
    1. Ahmad, Najid & Du, Liangsheng & Lu, Jiye & Wang, Jianlin & Li, Hong-Zhou & Hashmi, Muhammad Zaffar, 2017. "Modelling the CO2 emissions and economic growth in Croatia: Is there any environmental Kuznets curve?," Energy, Elsevier, vol. 123(C), pages 164-172.
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    More about this item

    Keywords

    Financial sector development; crude oil exports; ARDL model; Nigeria;
    All these keywords.

    JEL classification:

    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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