EFFECTS OF OIL PRICE SHOCKS AND DEREGULATION OF DOWNSTREAM OIL SECTOR ON THE NIGERIAN ECONOMY
ABSTRACT
This research work attempted to evaluate the economic logic behind Nigeria’s government policy of deregulation of the oil downstream sector. Thus, this work assessed the effect of deregulation of downstream oil sector on the economic performance of Nigeria using annual time series data from 1981 to 2015. The main focus is on the relationship between changes in oil prices as a result of deregulation and two macroeconomic variables namely; economic growth and public investment expenditure. The main instrument of the data analyses were multiple linear regression models and linear trend model.
The results revealed a significant inverse impact of oil price shock on economic performance in Nigeria. Results also revealed a significant positive impact of deregulation on economic performance in Nigeria while the impact was supposedly inverse on non-oil exports.The result of the linear trend model suggested that there is a downward direction of movement between oil price shock and investment expenditure variables. The study recommends thatthe government should facilitate the maintenance and building of new refineries by interested investors (including those who have not utilized their licenses since 2004). The existing refineries should be appropriately priced and sold to investors who will make them work. The study concludes that the reasons advanced by federal government for the deregulation of the downstream sector of the oil and gas industry fail to add up to the realities on ground.
CHAPTER ONE
Background of the Study
In the beginning Nigeria largely operated an agriculture-driven economy. It cultivated major cash crops such as cocoa, groundnuts, palm oil, cotton, rubber and cashew nuts for export. The regional governments thrived on these, as well as solid minerals, cattle rearing, fishing, and other forms of livestock production which also fetched incomes.Though crude oil had newly been discovered in commercial quantity it wasn’t a major revenue earner for the government. Suddenly, it became a major source of income and indeed a game changer. It accounted for more than 80 per cent of the nation’s budget revenues and over 90 per cent of its foreign exchange earnings (Isangediok, 2016).
With the windfall, the government altered its initial policies that had been agriculture driven, and with enormous resources at its disposal, it indulged its fancies which were the importation of anything and everything. It abandoned the hitherto mainstay of the economy, became import-dependent, encouraged consumption patterns that altered contempt for local products and a strong desire for white collar jobs. That sounded the death knell on agriculture.
Clearly, before the Nigerian civil war, crude oil was not a dominant commodity. The economy did not suffer from the Dutch Disease- the crowding out of the traditional export sector by a new booming export sector and the non-tradable goods sector.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
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TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Effects of Oil Price Shocks and Deregulation of Downstream Oil Sector on the Nigerian Economy" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Effects of Oil Price Shocks and Deregulation of Downstream Oil Sector on the Nigerian Economy" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
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