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Oil Price Shock and Agricultural Productivity: Stylised Evidence in Nigeria

Popoola, Olabisi Rasheedat and Alege, P. O. and Gershon, Obindah and Kaladede, Gift (2022) Oil Price Shock and Agricultural Productivity: Stylised Evidence in Nigeria. International Journal of Energy Economics and Policy. ISSN 2146-4553

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The oil sector is dominant, as it is the largest exported commodity in Nigeria. However, evidence has shown that Nigeria, as an oil-dependent country, faces frequent oil price fluctuations that have posed greater challenges to Nigeria’s agriculture sector, hence affecting agricultural productivity. This necessitates the need to investigate the effect of oil price shocks on agricultural productivity in Nigeria. This study adopted the Hodrick Prescott data filtering approach to check for the fluctuation of oil prices. The result revealed fluctuation in Nigeria oil price from 2018 up until recently. The long-run relationship was established using the SVAR and the normalised equation. The result revealed a negative relationship between agricultural productivity, oil price and real exchange rate. While a positive relationship exist between agricultural productivity, consumer price index and oil production. oil price fluctuations affect most of the variables, however, oil price shock shows more variations across the time for agricultural productivity. To this end, this study revealed that oil price shock has an adverse effect on Nigeria’s productivity in agricultural sector. Hence, the government needs to implement a policy and programmes that will serve as oil price shock absorbers in order to sustain agricultural productivity

Item Type: Article
Uncontrolled Keywords: Oil Price, Shock, Agricultural Productivity
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HB Economic Theory
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: AKINWUMI
Date Deposited: 22 May 2023 15:14
Last Modified: 22 May 2023 15:14

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