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Oil Demand Elasticities in Nigeria

Author

Listed:
  • Felix B. Dayo
  • Anthony O. Adeghulugbe

Abstract

Crude oil, which was first discovered in Nigeria in 1956 by the Shell-BP Development Company, has contributed significantly to the country's economic development. The exploitation of this resource transformed Nigeria's balance of trade from chronic deficits to huge surpluses (especially during the early-to-mid 1970s). This occurred as a result of the increase in the volume as well as the value of crude oil during this period. However, the surplus started to decline in the mid-1970s due to a combination of increased imports (resulting from the oil-boom mentality that had developed) and reduced crude oil exports (caused by the downward trend in world economic situations). By late 1977 the country again had a deficit on visible trade.

Suggested Citation

  • Felix B. Dayo & Anthony O. Adeghulugbe, 1987. "Oil Demand Elasticities in Nigeria," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 31-41.
  • Handle: RePEc:aen:journl:1987v08-02-a03
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    Cited by:

    1. Adewuyi, Adeolu O., 2016. "Determinants of import demand for non-renewable energy (petroleum) products: Empirical evidence from Nigeria," Energy Policy, Elsevier, vol. 95(C), pages 73-93.
    2. Iwayemi, Akin & Adenikinju, Adeola & Babatunde, M. Adetunji, 2010. "Estimating petroleum products demand elasticities in Nigeria: A multivariate cointegration approach," Energy Economics, Elsevier, vol. 32(1), pages 73-85, January.

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    JEL classification:

    • F0 - International Economics - - General

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