International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
www.ijsr.net | Most Trusted Research Journal Since Year 2012

ISSN: 2319-7064

Research Paper | Economics | Nigeria | Volume 2 Issue 5, May 2013

Modeling and Forecasting Crude Oil Price: Implications for the Nigeria?s 2013 Budget Proposal

K. J. Akomolafe, Jonathan D. Danladi

This work is an attempt to forecast crude oil price for 2013 using Box and Jenkins Methodology. It is to advise Nigeria on the oil price benchmark for her budget using the Auto-regressive [AR (2) ] model which is found to be most appropriate. The diagnostics tests show that the model is good. Based on the model, a forecast is conducted for year 2013, and it shows that the price level will be stable around $100. A benchmark of $80 per barrel is recommended given the nature and structure of the Nigerian economy (being solely oil-dependent) as well as given the expected vagaries in the international price of crude oil

Keywords: Nigeria, Crude Oil Price, Box and Jenkins Methodology

Edition: Volume 2 Issue 5, May 2013

Pages: 445 - 448


How to Cite this Article?

K. J. Akomolafe, Jonathan D. Danladi, "Modeling and Forecasting Crude Oil Price: Implications for the Nigeria?s 2013 Budget Proposal", International Journal of Science and Research (IJSR), https://www.ijsr.net/search_index_results_paperid.php?id=IJSROFF2013104, Volume 2 Issue 5, May 2013, 445 - 448

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