Predicting Crude Oil Price in Nigeria with Machine Learning Models

The rise in crude oil prices yields serious consequences for both oil-producing and nonoil-producing countries. The increase in global commodity prices contributes to the financial income and foreign exchange reserves of oil-exporting countries. However, countries such as Nigeria that sell crude oil and purchase refined fuel confront more complicated situations. To this end, there exists a need to obtain a robust prediction model for the crude oil price of Nigeria.