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Oil Resource Abundance in Nigeria and Iran: Contrapuntal Effect on Social and Economic Welfare

Author

Listed:
  • Mesagan, Ekundayo

    (Department of Economics, University of Lagos, Lagos, Nigeria)

  • Unah, Aboje

    (Department of Economics, University of Lagos, Lagos, Nigeria)

  • Idowu, Olamide

    (Department of Economics, University of Lagos, Lagos, Nigeria)

  • Alamu, Abidemi

    (Department of Economics, University of Lagos, Lagos, Nigeria)

Abstract

The study focuses on the contrapuntal effect of oil resource abundance in Nigeria and Iran between 1970 and 2016. It is driven by the fact that oil resource abundance has an impact on both economic and social welfare of citizens of both countries. We analyse data from crude oil production, exchange rate, life expectancy, mortality rate and the real gross domestic product per-capita using the vector error correction framework. We find that oil resource abundance has a contrapuntal effect on the social and economic welfare of Nigerians while we did not find evidence of a contrapuntal effect on Iranians’ welfare.

Suggested Citation

  • Mesagan, Ekundayo & Unah, Aboje & Idowu, Olamide & Alamu, Abidemi, 2019. "Oil Resource Abundance in Nigeria and Iran: Contrapuntal Effect on Social and Economic Welfare," BizEcons Quarterly, Strides Educational Foundation, vol. 4, pages 3-22.
  • Handle: RePEc:ris:buecqu:0007
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    Cited by:

    1. Mesagan, Ekundayo & Adenuga , Juliet, 2020. "Effects of Oil Resource Endowment, Natural Gas and Agriculture Output: Policy Options for Inclusive Growth," BizEcons Quarterly, Strides Educational Foundation, vol. 8, pages 15-34.
    2. Isaac Azubuike Ogbuji & Ekundayo Peter Mesagan & Yasiru Olorunfemi Alimi, 2020. "The Dynamic Linkage between Money Market, Capital Market and Economic Growth in Ghana: New Lessons Relearned," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 5(2), pages 59-78, December.
    3. Mesagan, Ekundayo Peter & Eregha, Perekunah Bright, 2018. "Political Economy of Oil Resources Management in Nigeria: Lessons from Other Countries," MPRA Paper 95667, University Library of Munich, Germany, revised 15 Aug 2019.
    4. Eregha, Perekunah B. & Mesagan, Ekundayo P., 2020. "Oil resources, deficit financing and per capita GDP growth in selected oil-rich African nations: A dynamic heterogeneous panel approach," Resources Policy, Elsevier, vol. 66(C).
    5. Peter Ekundayo Mesagan & Akanni Ismaila Yusuf & Azubuike Isaac Ogbuji, 2019. "Natural resource endowment and output growth: How crucial is deficit financing in managing resource-rich African economies?," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 21(2), pages 353-369, December.

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    More about this item

    Keywords

    Economic welfare; Social Welfare; Oil Resource;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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