{'fraction_non_alphanumeric': 0.045829514207149404, 'fraction_numerical': 0.02383134738771769, 'mean_word_length': 4.543147208121828, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Estimating a Net Exporter’s ‘Bruising-Soothing’ Effect of Swings in World Oil Price: Evidence From Nigeria

Nigeria is an exporter of crude oil, and hence its revenue typically benefits from a positive oil price shock. However, it simultaneously imports gasoline, which also increases in response to positive oil price shocks. As a result, the net import bill combines these two effects. I use a model to separate the two and show that the bill is dominated by changes in oil price. These effects are asymmetric, with a larger effect with oil price decreases than increase. I find that between Feb 2010 and Nov 2014, a one per cent rise (fall) in the price of oil was equivalent to US$1 (US$1.04) in levels. Consequently, this lifts (lowers) the aggregate oil revenue by US$10.3 million (US$13.9 million); and the per litre price on gasoline by 3 cents (4 cents). Both variables respond more to falling (than to rising) oil price. However, the total average monthly import bill of gasoline during rising oil prices is lower (US$1.16 billion) than during falling oil prices (US$1.25 billion).