Template-Type: ReDIF-Article 1.0
Author-Name:  Felix B. Dayo 
Author-Name:  Anthony O. Adeghulugbe
Title:  Oil Demand Elasticities in Nigeria
Classification-JEL: F0
Pages:  31-41
Volume:  Volume 8
Issue:  Number 2
Year:  1987
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.
Handle: RePEc:aen:journl:1987v08-02-a03
File-URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=1823
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