Crude Oil Price and Macroeconomic Variables Nexus: Impact on Nigeria’s Economic Growth

It is no longer news that Nigeria runs a single-product economy where the only source of revenue for country crude oil exportation. Changes in prices international market continue to have severe implications on country's economy's growth rate, exchange rate and even inflation. This study seeks investigate impact four key variables (crude price, real inflation population) Nigeria’s economic growth. give necessary policy makers clear direction inter-relationship these explanatory Nigeria. employs annual time series data obtained from World Development Indicator (WDI). Augmented Dickey Fuller (ADF) test was used determine presence unit roots among before Johansen Before Cointegration Vector Error Correction Model (VECM) were carried out co-integration relationships existing variables. The reveals all integrated at first order I which necessitated long-run relationship variables; this further confirmed by out. findings clearly show are significant response variable (GDP) both short-run. rise fall negatively affected growth, equally responsible inflationary increase long run.