Asymmetric Effects of Crude Oil Price Volatility on Economic Growth in Nigeria: An Empirical Analysis (2000–2023)

This study examines the asymmetric effects of crude oil price volatility on Nigeria’s economic growth from 2000 to 2023, using key indicators such as inflation, unemployment, and balance of trade. Employing the NARDL model and supported by various diagnostic tests, the analysis reveals that positive oil price shocks hinder growth, while negative shocks enhance it. Unemployment has a significant negative impact, inflation reduction supports growth, and an improved trade balance boosts GDP. The findings emphasize the need for economic diversification, inflation control, a