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Impact of oil Revenue on Economic Development in Nigeria [1981–2012]

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  • Ogunmakin Adeduro Adesola
  • Dada Raphael Adek

Abstract

In enhancing proper and adequate economic development in Nigeria, there is a need to manage macroeconomic stability and pro-cyclical government expenditure pattern by improving non oil growth performance. It was based on this premise that, this study sought to examine the economic development and oil revenue in Nigeria. In doing this, regression analysis was carried out using SPSS. The result revealed the overdependence of Nigeria economy on oil revenue. Thus, this paper recommends policies and functional institutions to checkmate the poor transparency in the management of oil revenue that robbed the people of their potential benefits and economy diversification that will lead to improvement in revenue generation via other sources in the economy.

Suggested Citation

  • Ogunmakin Adeduro Adesola & Dada Raphael Adek, 2014. "Impact of oil Revenue on Economic Development in Nigeria [1981–2012]," Journal of Social and Development Sciences, AMH International, vol. 5(2), pages 73-78.
    • Handle: RePEc:rnd:arjsds:v:5:y:2014:i:2:p:73-78
    DOI: 10.22610/jsds.v5i2.807
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    References listed on IDEAS

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    1. Victor O. Asekunowo & Sam A. Olaiya, 2012. "Crude oil revenue and economic development in Nigeria (1974–2008)," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 36(2), pages 138-169, June.
    2. Vanessa Ushie & Oluwatosin Adeniyi & Sabastine Akongwale, 2013. "Oil revenue, institutions and macroeconomic indicators in N igeria," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 37(1), pages 30-52, March.
    3. Akanbi, Olusegun A. & Du Toit, Charlotte B., 2011. "Macro-econometric modelling for the Nigerian economy: A growth-poverty gap analysis," Economic Modelling, Elsevier, vol. 28(1-2), pages 335-350, January.
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    Cited by:

    1. OMODERO, Cordelia Onyinyechi, 2019. "A Relative Assessment Of The Contributions Of Agriculture, Oil And Non-Oil Tax Revenues To Nigeria’S Economic Expansion," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 19(2), pages 139-152.

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