Macroeconomic conditions, Economic growth, Oil revenue, Monetary policy


This study investigated the relationship between macroeconomic conditions, oil revenue, and economic growth in Nigeria within the period 1981- 2017. To determine this, annual time series data from the World Development Indicator (WDI) and Central Bank of Nigeria Statistical Bulletin was collected for the dependent variable - Gross Domestic Product (the proxy for economic growth) and the independent variables: Labour force participation of productive working age (POP), Interest rate (INTR), Exchange rate (EXCH), Inflation rate (INF) and Oil revenue growth rate (OILR). Taking all variables in natural logarithm, the Ordinary Least Squares (OLS) method, Augmented Dickey Fuller (ADF) unit-root test and the Auto-Regressive Distributive Lag (ARDL) were employed for the empirical analysis. The result showed that a long-run relationship exist among oil revenue growth rate, exchange rate, interest rate, inflation rate and GDP growth rate.

Author Bio

The first named author is a staff of the central bank of Nigeria, while the Second named author is a lead consultant/data analyst at NaTisolutions & services Ltd.

Publication Title

CBN Bullion





Included in

Economics Commons



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