Statistical Analysis of Oil Exports in Nigeria

Azor Promise A.; Omezuruike Gideon Wobo; Simon Iboye Aboko

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Statistical Analysis of Oil Exports in Nigeria

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African Journal of Mathematics and Statistics Studies

Vol. 3Issue 32020pp. 31–37Published 2 July 2020

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Abstract:

This research article describes a study of the application of simple linear regression modeling techniques to Nigerian Oil Export between the periods of 2004-2013 obtained from statistical bulletin. Our result shows that there is a direct linear relationship between Oil Export(X) and Gross domestic product(Y). The coefficient of determination provided a good summary of the total variability explained by the chosen fitted model. We also observe that Oil export is statistically significant due to the fact that Oil export plays a key role in the economic growth of Nigeria. Hence the proposed model y ̂=58123.115+0.723x is found to be adequate.

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Copyrights

Authors retain copyright in their articles and have unrestricted rights to reuse, republish, archive, share, and distribute their work after publication.
All articles are published open access under the Creative Commons Attribution 4.0 International (CC BY 4.0) licence, which permits use, sharing, adaptation, distribution, and reproduction in any medium or format, including for commercial purposes, provided appropriate credit is given to the original author(s) and source.