September 5, 2025

Granger's Causality Analysis of the Interaction Between Global Macroeconomic Variables and Commodity Price Movements in Nigeria

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Analysis reveals two-way relationships between macroeconomic variables and commodity prices, highlighting vulnerability to global shocks.

Strong evidence of long-term cointegration between macroeconomic variables and commodity prices is found.
Oil prices significantly influence the common commodity price factor, indicating key economic dependencies.
Granger causality tests show mutual influences between global factors and Nigeria’s commodity pricing dynamics.
Findings emphasize the need for policy interventions to stabilize commodity markets against external volatility.

Deebom Zorle Dum (2025) studied this question.

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