International Oil Prices And External Reserves of Nigeria: A Cointegration Approach

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dc.contributor.authorAkims, Malgit Amos
dc.contributor.authorAbdul, Farida
dc.contributor.authorMaimako, Seddi Sebastian
dc.date.accessioned2023-03-22T13:20:30Z
dc.date.available2023-03-22T13:20:30Z
dc.date.issued2023
dc.descriptionArticleen_US
dc.description.abstractThe accumulation of external reserves is benefical to an economy in many folds. External reserves are used in Nigeria to guard against unfavourable terms of trade shocks and also, unforseen emergencies.The study sought to assess the relationship between international oil prices and external reserves of Nigeria with the use of a cointegration approach. This study originates from the master’s thesis of the first author. The analysis was based on time series data spanning from 1981 to 2014. The study concluded that international oil prices had significant positive relationship with external reserves of Nigeria. External reserves of Nigeria are sensitive to shocks in the international oil market. This implies that periods of high international oil prices mean periods of higher oil revenue for Nigeria. Therefore, the Federal government should ensure that such revenue generated from high international oil prices is used to increase external reserves position. Diversification of the economy is further recommended as this will cushion against the effect of external shocks on external reservesen_US
dc.identifier.citationAkims, M. A., Abdul, F., & Maimako, S. S. (2023). International Oil Prices and External Reserves of Nigeria: A Cointegration Approach. Asian Basic and Applied Research Journal, 15-23.en_US
dc.identifier.other23; Article no.ABAARJ.1209
dc.identifier.urihttp://ir-library.ku.ac.ke/handle/123456789/24994
dc.language.isoenen_US
dc.publisherGlobal Press Hub (GPH) publishersen_US
dc.subjectInternational oil pricesen_US
dc.subjectrising and falling oil pricesen_US
dc.subjectexternal reservesen_US
dc.subjectcointegration approachen_US
dc.titleInternational Oil Prices And External Reserves of Nigeria: A Cointegration Approachen_US
dc.typeArticleen_US
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