OIL PRICE AND DOMESTIC INVESTMENT IN NIGERIA
Abstract
The study examined oil price and domestic investment in Nigeria for the period 1993 to 2022. The main objective was to establish the impact of crude oil price on domestic investment using annual time series data for the stated period 1993 to 2022. Ordinary least square technique on e- view was employed to analyzed the short and long term effects of oil price and macro-economic factors on domestic investment. Findings from the study revealed that oil price shocks had a negative effect on domestic investment in the short term, but a positive effect in the long term. The study further recommended that investing in non - oil sectors, improving the business environment, promoting financial sector development and increasing infrastructure investment will help to reduce dependence on oil and stimulate domestic investment in Nigeria.
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