[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/ijr/journl/v3y2015i7p343-351.html
   My bibliography  Save this article

Effects of Maritime Illegal Oil Trading on Economic Growth in Nigeria

Author

Listed:
  • Elei Green Igbogi

    (National Maritime Administration and Safety Agency, 4 Burma Road, Apapa Lagos, Nigeria)

  • Ikpechukwu Njoku

    (Department of Transport Management Technology, Federal University of Technology Akure, Ondo State, Nigeria)

Abstract
Purpose: Illegal oil trading involves the theft of crude oil and its derivative products through a variety of different mechanisms with significant economic implications. This study therefore, investigates these implications covering the period of 1995-2012. Methodology: Employing the e-views econometric software, the unit root, co-integration, and granger causality tests were carried out on the secondary data set to make it amenable to the application of the vector autoregressive (VAR) modeling of the ordinary least square multiple regression to reveal among others, that a significant relationship exists between the illegal oil trading and the economic growth in Nigeria. Findings: Other findings are that the volume of oil theft as an explanatory variable met the a priori expectation with its negative coefficient, but together with the one-year lagged variables of the dependent variables, was statistically significant in terms of contributions to the dependent variable. The study concludes that illegal oil trading has negative effects on the Nigerian economy, especially within the study period and should be checked by the law enforcement authorities. Recommendations: Prominent among the recommendations is the need to institute adequate and effective sanctions against offenders to serve as a deterrent.

Suggested Citation

  • Elei Green Igbogi & Ikpechukwu Njoku, 2015. "Effects of Maritime Illegal Oil Trading on Economic Growth in Nigeria," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), vol. 3(7), pages 343-351, July.
    • Handle: RePEc:ijr:journl:v:3:y:2015:i:7:p:343-351
    as

    Download full text from publisher

    File URL: http://tesdo.org/shared/upload/pdf/papers/IJEER,%203_7_,%20343-351%20.pdf
    Download Restriction: no
    File URL: http://tesdo.org/journal_detail.php?paper_id=176&expand_year=2015
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Illegal oil trade; Economic growth; Granger causality;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ijr:journl:v:3:y:2015:i:7:p:343-351. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Muhammad Shahbaz (PhD Applied Economics) (email available below). General contact details of provider: https://edirc.repec.org/data/tesdopk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.