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Oil Demand Elasticities in Nigeria

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.

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Energy Specializations: Petroleum – Markets and Prices for Crude Oil and Products; Energy Modeling – Energy Data, Modeling, and Policy Analysis

JEL Codes:
L13 - Oligopoly and Other Imperfect Markets
E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination

Keywords: Oil demand elasticities, Nigeria, Oil production, Developing countries

DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No2-3


Published in Volume 8, Number 2 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.