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<p style="text-align:justify;">This study aims to examine the relationship between crude oil price, interest rate and the uemployment rate in Nigeria using times series data for the 1991-2019 periods. The stationarity property of the series was examined using Augmented Dickey and Fuller (1979) and Elliot, Rothenberg and Stock’s (1996) unit root test. The outcomes of Augmented Dickey and Fuller indicated a mixture of an order of integration among the series while Elliot et al.’s (1996) unit root test revealed that all the series are stationary at the first difference and therefore are said to integrate of order one. The Toda and Yamamoto long-run granger causality indicated that one-way causality exists flowing from crude oil price to unemployment rate, unemployment rate to interest rate, population growth to the unemployment rate, crude oil price to interest rate and population growth to interest rate alongside two-way causality flowing from population growth to crude oil price. Therefore, based on the empirical outcomes we recommended that labour will serve as an efficient substituting factor of production for energy and capital in the case of the Nigerian economy and Nigerian government should develop both industrial and non crude oil sectors to create employment opportunities for the unemployed teeming population as well as increasing the country’s export.</p>

MBR_Volume 8_Issue 1_Pages 1-16.pdf

Original Research 

mbr.2021.60326.xml

Issue

Crude Oil Price, Interest Rate and Unemployment Nexus in Nigeria: An Application of Toda and Yamamoto Long-Run Causality Procedure

<p style="text-align:justify;">The paper investigates the effect of crude oil price and urbanization on the environmental pollution in the case of six selected OPEC African member countries for the 1986-2018 period and applied panel ARDL model. Finding from PMG model indicates that crude oil price, urbanization and foreign direct investment have a significant negative influence on environmental pollution in the long-run while in the short-run, urbanization has a significant negative impact on environmental pollution but all the remaining variables have a significant positive impact on environmental pollution. There was slow speed of adjustment from short-run disequilibrium to equilibrium position at 26 percent yearly. The Pairwise Dumitrescu Hurlin panel causality test revealed the existence of bilateral causality flowing from urbanization to environmental pollution, economic growth to environmental pollution, economic growth to crude oil price and economic growth to urbanization. While unidirectional causality exists flowing from crude oil price to environmental pollution and foreign direct investment to economic growth. As a recommendation for these countries to achieve and maintain quality environment, the nations must restrict the speed of urbanization process to its optimum level and this process will decrease the environmental effects associated with it. The existence of exertions regarding development and urbanization, now it is the right time for the governments of these countries to produce and stretch plan that will continue to concentrate on exploration of crude oil, since the increasing crude oil price from the global energy market exerts positive effect on the entire revenue generated by these economies.</p>

MBR_Volume 7_Issue 1_Pages 47-61.pdf

mbr.2020.60324.xml

Crude Oil Price, Urbanization and Environmental Pollution: Fresh Evidence from Selected African OPEC Member Countries