Time Series Analysis On Nigerian Monthly Crude Oil Prices
ABSTRACT
This project considered the analysis of
Nigerian monthly crude oil prices using BoxJenkins methodology. Monthly data on
Nigerian crude oil prices (USS/barrel) from the period January, 2000 to
December, 2013, collected from the CBN Statistics Database were used for this
purpose. The time plot and preliminary evaluation of the data called for log
transformation and first order differencing of the data to achieve
stationarity. Plots of the autocorrelation function (ACF) and partial
autocorrelation function (PACF) of the transfonned and differenced series
suggested that ARIMA (I, I, 1) be fitted to the data The ACF and PACF of the residuals
from the fitted model behaved like those of a white noise process. These
confinned the adequacy of the fitted model. The model was then used to forecast
Nigerian monthly crude oil prices for the period January, 2014 to July, 2014.
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IJEOMA, G (2022). Time Series Analysis On Nigerian Monthly Crude Oil Prices. Repository.mouau.edu.ng: Retrieved Apr 25, 2024, from https://repository.mouau.edu.ng/work/view/time-series-analysis-on-nigerian-monthly-crude-oil-prices-7-2
GLADYS, IJEOMA. "Time Series Analysis On Nigerian Monthly Crude Oil Prices" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 05 Dec. 2022, https://repository.mouau.edu.ng/work/view/time-series-analysis-on-nigerian-monthly-crude-oil-prices-7-2. Accessed 25 Apr. 2024.
GLADYS, IJEOMA. "Time Series Analysis On Nigerian Monthly Crude Oil Prices". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 05 Dec. 2022. Web. 25 Apr. 2024. < https://repository.mouau.edu.ng/work/view/time-series-analysis-on-nigerian-monthly-crude-oil-prices-7-2 >.
GLADYS, IJEOMA. "Time Series Analysis On Nigerian Monthly Crude Oil Prices" Repository.mouau.edu.ng (2022). Accessed 25 Apr. 2024. https://repository.mouau.edu.ng/work/view/time-series-analysis-on-nigerian-monthly-crude-oil-prices-7-2