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ABSTRACT
This study examined the impact of oil price volatility on infrastructural growth in Nigeria. The objectives of this research work is to evaluate the impact of oil price volatility and oil revenue on infrastructural growth in Nigeria. The analysis was based on data extracted from Central Bank of Nigeria (CBN) statistical bulletin and World Development Indicators (WDI,2022) using the annual time series data for the period 1981-2021. The GARCH (1,1) model was used to generate the volatility series, Augmented Dickey- fuller (ADF) test was used to test for the stationary of the variables and they were found to be stationary at first difference and the ARDL technique was carried out. Then johansen co-integration technique was used to establish if the stationary variables are co-integrated in the long run. Further, the result of stationarity and diagnostic tests reveals that the model is well specified and could be used for policy analysis. The study conclusively reveals that for the first objective, oil price volatility does not significantly impact infrastructural growth in Nigeria. However, the second objective further revealed that oil revenue has significant impact on infrastructural growth in Nigeria. Hence, there is the need to enhance the capacity of government agencies responsible for infrastructural planning, monitoring, and implementation so as to fully utilize the oil revenue generated annually.
