article · AKSU Journal of Management Sciences
In recent years, the financial press, investors, policymakers, researchers, and the public have all been intrigued by the intricate and time-varying relationship between oil prices and stock markets. As a mono-product economy, Nigeria has been heavily influenced by crude oil price changes. This paper investigates the impact of oil price volatility on stock market performance in Nigeria over the period 1986 to 2024. Interest rate and inflation rate were incorporated in the model as control variables, while ARCH/GARCH technique was used to generate the volatility series for oil prices. The findings, based on ARDL bound test cointegration and ECM, affirmed the existence of long-run relationship among the variables. The study showed that oil price volatility has a strong positive long-run effect on stock market performance.
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DOI: 10.61090/aksujomas.11201
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