An empirical analysis of Nigeria crude oil demand - a random trend approach Department: Mathematics and Statistics By: kruskalstat Project ID: 3134 Rating: (5.0) votes: 1Rate this project12345 Price:₦4000 Get the Complete MaterialAbstractCrude oil (petroleum products) demand from foreign countries is a functional determinant in the exporting nation’s economic growth and it is in light of this that the study evaluated the empirical demand trend by foreign countries of crude oil in Nigeria. Time series data for 28 years period was examined and evaluated using the time series modeling techniques of moving average and the least squares. The results from the analysis show about 74,468.4 (thousand metric tons) of crude oil will be demanded yearly and that the demand will rise up with about 1988.97 in subsequent years. It was found that the p-value of the estimated model was less than 0.05 (p0.05) which implies that our fitted predictive model is robust. The study concluded that the demand of crude oil is continually increasing with time and there is need for the Nigeria government to take this chance and improve on the production output of crude oil to meet demand and grow the economy....Preview Download Preview +Other Mathematics and Statistics project topics and materials you might be interested in»Statistical Quality Control of Premier Soap in Soap Manufacturing Industry ( A Case Study of PZ Cusson PLC Aba Abia State)»Statistical analysis of students’ height and weight (case study of federal polytechnic Nekede, Owerri, Imo state) »Statistical analysis of unemployment rate among age groups and geographical locations in Nigeria»Statistical analysis of the problems associated with skill acquisition in Nigeria (a case study of male tailors in Imo state)»Application of linear programming technique to profit maximization in the production of soap (a case study of Promotex industrial and chemical company limited, Nnewi, Anambra state) »Statistical analysis of foster care and adoption rate in Abia state (a case study of motherless babies home Ahiaeke, Umuahia)»Determination of nutritional status of children within the ages of four (4) to ten (10) years using their body mass index (BMI)»Time series analysis on marriage registration in Ilorin, Kwara state»Application of multiple queuing model in evaluating the efficiency of service in UBA bank»Statistical analysis on impact of parental hood on academic performance»Econometrics analysis of gross national income on consumption expenditure of federal republic of Nigeria between (2011)»Determinant of foreign direct investment in Nigeria and its effect on Nigerian economy: an empirical analysis»Statistical analysis of factors affecting crime in Imo state»Statistical study of the queuing pattern at the antinatal division of Federal Medical Center FMC Owerri Imo state»A statistical analysis of coal production in Nigeria - a case study of Nigeria coal corporation from 2000-2009