Impact of Fuel Price Increaseon the Nigerian Economy

Ocheni, Stephen

doi:10.5901/mjss.2015.v6n1s1p560

Cited by 14 publications

(11 citation statements)

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“…The analysis of result of questionnaire validity and reliability showed high reliability and this is supported by Hinton et al (2004), Straub et al (2004) and Feng and Yamat (2019). Changes in prices of petrol rice and bean in Nigeria have continued to attract widespread attention (Ocheni, 2015;Orlu, 2017;Nwosu et al, 2016).The consumption pattern of petrol, rice and bean has faced dramatic changes even in recent times and therefore estimates of how their consumption is affected by changes in price is necessary (Dunnem and Edkins, 2005). Hike in the prices of petrol, rice and bean could incontrovertibly lead to food security problems and poverty.…”

Section: Resultsmentioning

confidence: 99%

“…Instability in the price of petrol, rice and bean disorganises many Nigerian households, causes disorderliness in the feeding pattern of the people and ultimately impoverishes the citizenry. Evidences (Ocheni, 2015;Orlu, 2017) have shown that when the price of petrol increases, even when it is marginal, cost of transportation becomes too exorbitant. This in turn affects every other activity in the country and prices of other commodities including rice and bean become adversely affected.…”

Section: Resultsmentioning

confidence: 99%

“…The persistent rise in prices of commodities in Nigeria is strongly related to government and the manipulation of petroleum products, especially petrol. Petrol has very powerful influence that shortages and changes in price disrupt essential transactions and changes economic situation (Ocheni, 2015). Increases in prices of petroleum products have culminated in inflation, inequitable distribution of income and high cost of living (Arinze, 2011;Ndubueze-Ogaraku, 2016).…”

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confidence: 99%

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Econometric Analysis of the Effect of Changes in Price on Consumption Pattern of Petrol, Rice and Bean in Owerri City, Imo State, Nigeria

Nwosu¹,

Vincent²

2020

jasem

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It was hypothesized that changes in price could affect the consumption pattern of petrol, rice and bean, their status as basic needs notwithstanding. To test this hypothesis, primary data were generated, subjected to econometric model and analyzed. Two-hundred residents of different income groups who live in Owerri city, Imo State, Nigeria and have used petrol, rice and bean for at least ten years and were not less thanthirty-one years old were sampled using standard method. The pretest result of questionnaire validity and reliability was r = 0.726 and this indicates high reliability. A total of 90% strongly agreed and agreed that prices of petrol, rice and bean are unstable in Owerri City, Imo State, Nigeria. The results indicate that 70% of the consumers strongly agreed and agreed that price affects consumption of the products irrespective of need. This wasa significant observation too. In the study, availability of petrol, rice and bean affected consumption in an urban environment.Grain quality was found a strong determinant of consumption of rice and bean in the city. There was a positive and non-significant relationship between price and consumption of petrol, rice and bean and this shows that price is not the most important determinant of consumption of all commodities. Necessity was more important than price in consumption of petrol, rice and bean in the city of Owerri, Imo State, Nigeria. These findings are useful to econometricians, policymakers, governments and households. Keywords: Basic needs, Econometric model, Income groups, High reliability, Grain quality.

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Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

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confidence: 99%

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Econometric Analysis of the Effect of Changes in Price on Consumption Pattern of Petrol, Rice and Bean in Owerri City, Imo State, Nigeria

Nwosu¹,

Vincent²

2020

jasem

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“…Using the survey research design, (Ocheni, 2015) discovered that PMS Price hiking reduces the purchasing power of the Nigerian naira but increased food security. Again, the researcher traced the slow economic propensity of Nigeria to oil sector performance to PMS Price hiking.…”

Section: Empirical Reviewmentioning

confidence: 99%

Crude Oil Price Dwindling and the Nigerian Economy: A Resource-Dependence Approach

Ighosewe¹,

Akan²,

Candidacy)³

2021

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This study examined the effect of Crude Oil Fluctuation and the Nigerian economy: A resource-dependence approach covering a study period of 35 years . Variables used include Fluctuation in Oil Price per Barrel (FOBP), Diesel Pump Price Fluctuations (PPPF), Petrol Pump Price Fluctuations (DPPF), Kerosene Pump Price Fluctuation (KPPF), and Real GDP. The data were gotten from the CBN Statistical Bulletin, World Bank Report, and Oil Producing Exporting Countries Annual Report while it was analyzed using Auto-Regressive Distributed Lag Model. Various diagnostic tests proved that the model is fit for the study. Accordingly, the trend analysis appears to cast doubts on whether crude oil fluctuation made significant contributions to the Nigerian economy. However, the Pearson correlation coefficient substantially attests to a strong linear relationship between the regressed and the regressors. Particularly, the individual results restated that in the short run only Fluctuation in Oil Price per Barrel (FOBP) improved the Nigerian economy significantly. However, in the long run, both Fluctuation in Oil Price per Barrel (FOBP) and Kerosene Pump Price Fluctuation (KPPF) improve the Nigerian economy significantly. Hence we conclude that, if the Nigerian economy must experience outstanding performance, both the private and public agencies should not interfere in the apex bank surveillance on the excess crude account. More so, the federal government should endeavor to industrialize the Nigerian economy.

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“…That is, there should be a simultaneous development of various sectors of the economy instead of overreliance on a particular sector of the economy (mono production-based economy). In Nigeria, almost all other sectors of the economy seem to have gone into oblivion, thereby, making the country to depend almost entirely on crude oil for her foreign exchange (Ocheni 2015). In this respect, the expansion of export-base commodities is of tremendous importance to the overall development of the economy (Awe and Ajayi 2009;Bala 2015).…”

Section: Introductionmentioning

confidence: 99%

Perceived effects of climate change on profit efficiency among small scale chili pepper marketers in Benue State, Nigeria

et al. 2020

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In the determination of the level of efficiency of an enterprise, the role of climate change cannot be overemphasized. However, some scholars are of the view that climate change might not really affect the level of efficiency of an enterprise due to its indirect effect on the performance of an enterprise. Understanding the perception of marketers of agricultural produce about climate change in agribusiness is paramount to sustain small scale enterprises. This study sought to analyze the perceived effects of climate change on profit efficiency among small scale chili pepper marketers in Benue State, Nigeria. Data were collected with the use of structured questionnaire and analyzed using stochastic frontier production function. A combination of purposive and random sampling techniques was used to select 349 producers and marketers, 152 processors, 143 processed retailers and 145 non-processed retailers giving a total of 789 small scale chili pepper marketers from three (3) agricultural zones that make up Benue State, Nigeria. The result showed that on the average, small scale chili pepper marketers are relatively profit efficient. The results also showed that in the marketing chain, small scale processed retailers had the highest mean profit efficiency (0.86). It was therefore recommended that switching business to adapt to crop varieties (cereal crops) that are more resilient to climate change could be an opportunity to small scale chili pepper marketers struggling with chili pepper to leapfrog previous performance and become more productive. Further, the training on preservation of perishable crop should be given to chili pepper producers and marketers and non-processed retailers given that excessive rainfall decreases their profit efficiency.

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Impact of Fuel Price Increaseon the Nigerian Economy

Abstract: Abstract

Cited by 14 publications

References 0 publications

Econometric Analysis of the Effect of Changes in Price on Consumption Pattern of Petrol, Rice and Bean in Owerri City, Imo State, Nigeria

Econometric Analysis of the Effect of Changes in Price on Consumption Pattern of Petrol, Rice and Bean in Owerri City, Imo State, Nigeria

Crude Oil Price Dwindling and the Nigerian Economy: A Resource-Dependence Approach

Perceived effects of climate change on profit efficiency among small scale chili pepper marketers in Benue State, Nigeria

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