Kwara State University
Adeoye Afolabi
Designation: Senior Lecturer
Department: Accounting and Finance
| My Publications | ||||||||
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| S/N | Title | Abstract | Authors | Volume Numbers | Publication Type | Publication Date | Link | |
| 1 | Petrol Pump Price and Nigeria Economy |
Persistent hike in petrol price usually have effect on every activity in Nigeria. This paper examines the relationship between increases in petrol price and economy indicator such as Gross Domestic Product (GDP), Exchange rate, Interest rate, Inflation rate and Unemployment rate using OLS Estimate. We find that petrol price has a positive significant relationship with GDP, Exchange rate and Unemployment rate, however negative effect with percentage growth of inflation. This finding suggests that as result of gradual removal of subsidy in recent time the amount of money budgeted for subsidies have been diverted to develop other area of the economy. The increase in exchange rate may likely due to marketers scraping for dollars because of importation for petrol to the country. Increase in unemployment rate seems to increase in the cost of production and other overhead cost thus; most companies are lying off their workers. Consequently, this study recommends that federal government should encourage investors to build refineries and there should be accountability and transparency in the oil industry. | https://orcid.org/0000-0001-9174-9233 google scholar | |||||