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ABSTRACT
Government should diversify its earnings by developing 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 so as to protect the country’s economy. In addition, government should reduce gasoline pump price by deregulating the downstream sector and at the same time encouraging private company participation in crude oil refining in order to encourage competition thereby bringing down the price of fuel. Considering 49 the importance of exchange rate variables, these findings eventually suggest that a systematic exchange rate regime via monetary policy should be properly developed to promote the stability and sustainability of economic growth in Nigeria.
