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Oil Demand Elasticities in Nigeria

Author

Listed:
  • Felix B. Dayo
  • Anthony O. Adegbulugbe

Abstract

Crude oil, which was first discovered in Nigeria in 1956 by the Shell-BP Development Company, has contributed significantly to the country's economic development. The exploitation of this resource transformed Nigeria's balance of trade from chronic deficits to huge surpluses (especially during the early-to-mid 1970s). This occurred as a result of the increase in the volume as well as the value of crude oil during this period. However, the surplus started to decline in the mid-1970s due to a combination of increased imports (resulting from the oil-boom mentality that had developed) and reduced crude oil exports (caused by the downward trend in world economic situations). By late 1977 the country again had a deficit on visible trade.

Suggested Citation

  • Felix B. Dayo & Anthony O. Adegbulugbe, 1987. "Oil Demand Elasticities in Nigeria," The Energy Journal, , vol. 8(2), pages 31-42, April.
    • Handle: RePEc:sae:enejou:v:8:y:1987:i:2:p:31-42
    DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No2-3
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