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ABSTRACT
Energy for the global economy is mostly crude oil. Since the discovery of crude oil-powered internal combustion and diesel engines, this has characterized international relations. International petroleum politics has been driven by export-dependent countries' attempts to restrict crude oil supply and maintain high prices or import-dependent countries' efforts to ensure low-cost access. The study uses 1981–2022 time series data to evaluate how crude oil prices affect the Nigerian economy. The study uses unit root test to assess variable stationary state. It also uses Johansson co-integration and error correction model (ECM) statistical methods to construct short- and long-term dynamic correlations between endogenous and exogenous variables. Balance of payment (BOP) and inflation rate negatively affected the Nigerian economy in the examined period but were statistically insignificant. However, oil price and exchange rate boost economic growth in the short term and are statistically significant. The report concludes that specific crude oil prices boost Nigerian economy. The study suggests that the government diversify petroleum products by adding value through local refining and using its petroleum resources to diversify its economy.
Keywords: Impact, Crude Oil Price, Nigeria and Economic growth.
