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CRUDE OIL PRICE AND EXCHANGE RATE ON ECONOMIC GROWTH: ARDL APPROACH
Abstract
This study investigated the impact of crude oil price and exchange rate on economic growth in Nigeria using an autoregressive distributed lag model covering the period from 1982-2018. The results indicated that crude oil price and exchange rate have significant positive impact on economic growth in both the long-run and the short-run periods. The findings suggested that crude oil price and exchange rate which are the focal points of the study, could affect economic growth in both the long-run and the short-run. Therefore government should diversify its earnings in agriculture, industrialization and investment in order to reduce the heavy reliance on crude oil and income fluctuation resulting from the fluctuation in crude oil prices.
Keywords
Crude Oil Price, Exchange Rate, GDP per Capita, ARDL Approach, Granger Causality