Organisation of Petroleum Exporting Countries (OPEC): A Chronicle of Nigeria’s Key Contributions to Its Goals and Aspirations (Published)
This study dwells extensively on Nigeria’s contributions to the attainment of the goals and aspirations of the Organisation of Petroleum Exporting Countries (OPEC) from 1971 when it became a member of the organisation till date. It relies on secondary sources of data collection obtained from textbooks, newspaper, articles, journals as well as the organisation’s website. It also utilizes Neo-liberalism as a framework for analysis. The findings which are ascertained via content analysis show that OPEC exists fundamentally to coordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petroleum producers; ensure an efficient economic and regular supply of petroleum to consuming nations; and a return on capital to investors in the industry. And that Nigeria has contributed immensely towards meeting these goals and aspirations of the organisation either through the acceptance of the appointments of her citizens into important positions in the Organisation, including that of the Secretary General, OPEC Presidency or as host nation where lingering issues are resolved. Nigeria has also been a faithful, committed and loyal member, keeping to the rules of the organisation and assisting its planning endeavours with regular supply of up-to-date data on her petroleum sector. All these and many more have earned her great respect among member countries and beyond as her citizens are being honoured across the world for sterling performances. Finally, the study also makes some recommendations, among which are as follows: Nigeria’s contributions to the attainment of OPEC goals have been quite huge. Effort should, therefore, be intensified towards consolidating on these feats; OPEC member countries have demonstrated over and over their confidence and trust in Nigeria’s leadership by entrusting her citizens with key leadership positions, including that of Secretary General as currently occupies by a Nigerian. This gesture should be sustained as a way of recognition for her tremendous positive role in the organisation; Data is essential for effective planning. Nigeria has shown good example as one that wants OPEC to plan effectively by submitting its data timely. This effort should be emulated by other member countries to enhance appropriate planning in the organisation, etcetera.
Keywords: Exporting, Goals, Nigeria’s contributions, OPEC, Organization, Petroleum
Crude Oil Production, Prices, Export And Foreign Exchange Rate, Do They Interact? Evidence from Nigeria (2006 – 2014) (Published)
The purpose of the study is to determine the extent to which Foreign Exchange Rate is influenced by or associated with crude oil selling price, crude oil export and crude oil production and the direction and magnitude of their granger causalities in Nigeria oil and gas sector (2006 -2014). Data were collected from Central Bank of Nigeria Statistical Bulletin and multiple regression, correlation and granger causality approach were adopted in the analysis of data. It was found that foreign exchange rate is positively influenced by volume of crude oil export and the selling price per barrel of crude oil, though not significantly; while a weak and insignificant relationship exists between crude oil export, crude oil production and foreign exchange rate. There is no Granger Causality running from any of the explanatory variables namely crude oil export, crude oil selling price and crude oil production, to foreign exchange rate. This implies that there are other factors that exert more far reaching impact on foreign exchange rate than crude oil production, export and sales price in Nigeria. Hence, the regulatory agencies in Nigeria such as the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) should strengthen other macroeconomic and microeconomic variables in other to foster a stable foreign exchange regime.
Keywords: Causality, Correlation, Foreign Exchange, OPEC, Regression, crude oil
