ABSTRACT
On account of Nigeria’s dependence on
oil sector, the stability of oil price become a crucial economic policy to be
actualized given its connection to the average Nigerian economy. The primary objectives
of this study are to analyze the impact of oil price shocks and macroeconomic
volatility in Nigeria ranging from 1970-2010, and to give policy
recommendations based on the findings of the study.
In the course of the
research, the hypotheses tested were Ho: oil price has no significant impact on
inflation in Nigeria. Ho: oil price has no significant impact on unemployment
in Nigeria. The methodology adopted for the investigation is the liner
regression applying the conventional ordinary least squares (OLS) technique.
The findings of the research shows that oil price has a positive relationship
with inflation rates in Nigeria while oil price has a negative relationships
with unemployment in Nigeria which conforms to economic and apriori
expectation. It is the recommendation of this paper that productivity should be
enhanced to absorb the excess money in circulation and to build a structure
that will stabilize the fluctuations on Nigeria economy caused by international
oil price shocks.
DEPARTMENT OF
ECONOMICS
FACULTY OF
SOCIAL SCIENCES
A PROJECT WORK
SUBMITTED TO THE DEPARTMENT OF ECONOMICS, FACULTY OF SOCIAL SCIENCES
TABLE OF CONTENTS
Title Page
Approved Page
Dedication
Acknowledgment
CHAPTER ONE
Introduction
1.1 Background
of the Study
1.2 Statement
of the Study
1.3 Objective
of the Study
1.4 Hypothesis
of the Study
1.5 Significance
of the Study
1.6 Scope
and Limitations of the Study
CHAPTER TWO
Review of Related Literature
2.1 Theoretical
Literature
2.1.1 Theoretical
Issues based on the topic
2.1.2 Monetary
Theory of inflation
2.1.3 Keynes
Theory of demand pull’ inflation
2.1.4 Theory
of cost-push inflation
2.1.5 Theory
of sectoral inflation
2.1.6 Structural
theory of inflation
2.1.7 Theory
of Mark –up inflation
2.1.8 Theory
of Unemployment
2.1.9 Theory
of frictional Unemployment
2..1.10 Theory of seasonal Unemployment
2.1.11 Theory of cyclical Unemployment
2.1.12 Theory of structural Unemployment
2.1.13 Theory of Technological
Unemployment
2.2 Empirical
Literature
2.3 Limitations
of Previous Study
CHAPTER THREE
3.0 Research
Design and Methodology
3.1 Methodology
3.2 Method
of Evaluation
3.4 Data
Requirement and Sources
CHAPTER FOUR
4.0 Presentation
and Analysis of Results
4.1 Empirical
Result
4.2 Examination
of Algebraic sing of the parameter estimate
4.3 Statistical
Test of Significance for T-test
4.4 Evaluation
of the working Hypothesis base on statistical
Criteria
4.4.1 The
Coefficient of Determination (R2)
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