Impact of Oil Price Movement on the Nigerian Stock Market

This paper seeks to assess the effect of oil price movement on the Nigerian stock market. Multiple linear regression and vector auto-regression technique were employed to measure the extent to which the value of share traded in the Nigerian stock market was influenced. The result showed that oil price impacted on value of share traded significantly. Exchange rate and interest rate also had significant effect on value of share traded. Nigerian government should diversify and improve other sources of income in order to reduce her dependence on oil export and restore local refineries to full operation to satisfy the energy need of the country.