The purpose of this paper is to establish the relationship between performance of oil revenue and the property markets in Nigeria. The petroleum industry in Nigeria is the largest on the African continent. As of 2016, Nigeria's petroleum industry contributes about 9% to its economy. The price of oil, Nigeria's main source of government revenues and foreign exchange, started to plunge in 2014. Crude oil prices fell sharply in the fourth quarter of 2014 as robust global production exceeded demand. There are also alternatives to petroleum like shale oil and renewable energies. After reaching monthly peaks of $112 in early part of 2014 per barrel (bbl) and $105/bbl in June, crude oil benchmarks Brent and West Texas Intermediate (WTI) fell to $62/bbl in July and $59/bbl in December, 2014, respectively. It has not gained appreciable value since 2014 and has seriously affected the Nigerian economy. The housing market and positive and negative changes in house prices affect the rest of the economy. The property market is an important part of the real estate sector and a key part of the financial system because of the aggregate finance involved in real estate transactions. The growth of the real estate sector of Nigeria in the fourth quarter of 2017 was -5.92%. This paper will adopt the qualitative and quantitative research methodology to study the property market dynamics between 2014 when the fall in prices started to date, to establish if there is any correlation. The findings will help advice policy makers and investors on impact of oil prices on property market in Nigeria and will assist in property speculation. This research will only cover Lagos, Abuja, Kano and Port Harcourt property markets to generalize for the whole of Nigeria. These areas are the most dynamic property markets in Nigeria.

本文的目的是建立尼日利亚石油收入绩效与房地产市场之间的关系。尼日利亚的石油工业是非洲大陆最大的。截至2016年，尼日利亚石油工业对其经济的贡献率约为9%。作为尼日利亚政府收入和外汇的主要来源，石油价格在2014年开始暴跌。2014年第四季度，由于强劲的全球产量超过了需求，原油价格大幅下跌。也有石油的替代品，如页岩油和可再生能源。原油基准布伦特(Brent)和西德克萨斯中质油(WTI)在2014年7月和12月分别跌至62美元/桶和59美元/桶，在2014年上半年和6月分别达到112美元/桶和105美元/桶的月高点。自2014年以来一直没有升值，严重影响了尼日利亚经济。房地产市场和房价的正负变化影响着经济的其他部分。房地产市场是房地产行业的重要组成部分，也是金融体系的重要组成部分，因为房地产交易涉及的金融总量很大。2017年第四季度，尼日利亚房地产行业增长-5.92%。本文将采用定性和定量的研究方法来研究2014年房价开始下跌至今的房地产市场动态，以确定是否存在相关性。研究结果将帮助政策制定者和投资者了解油价对尼日利亚房地产市场的影响，并有助于房地产投机。这项研究将只覆盖拉各斯、阿布贾、卡诺和哈考特港的房地产市场，以推广到整个尼日利亚。这些地区是尼日利亚最具活力的房地产市场。