Description
Abstract
This project looks at An empirical analysis of Nigeria crude oil demand, a random trend approach. Crude oil (petroleum products) demand from foreign countries is a functional determinant in the exporting nation’s economic growth and it is in light of this that the study evaluated the empirical demand trend by foreign countries of crude oil in Nigeria. Time series data for 28 years period was examined and evaluated using the time series modeling techniques of moving average and the least squares. The results from the analysis show about 74,468.4 (thousand metric tons) of crude oil will be demanded yearly and that the demand will rise up with about 1988.97 in subsequent years. It was found that the p-value of the estimated model was less than 0.05 (p0.05) which implies that our fitted predictive model is robust. The study concluded that the demand of crude oil is continually increasing with time and there is need for the Nigeria government to take this chance and improve on the production output of crude oil to meet demand and grow the economy.
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