The Effect of Non-Oil Revenue on the GDP Growth of Nigeria
The Effect of Non-Oil Revenue on the GDP Growth of Nigeria
INTRODUCTION
Nigeria, since the 70s has been a mono-cultural economy relying heavily on oil as its major income earner. The implication is that the dynamics of the economy is at the whims and caprices of the price of oil, which for the most part, has been volatile (Enoma and Mustafa, 2011).
The major fallout of this fragile structure of the Nigerian economy is a situation where the economy has been growing without creating jobs and reducing poverty (Onodugo, 2013).
The on-hand explanation to this economic paradox is that the oil sector that produces about 90% of export earnings are in the hands of less than one per cent of the Nigerian population dominated by expatriates and members of the political class who control production and the proceeds respectively.
Worse still, the sector is disconnected from other tiers and sectors of the economy and thus offers little or no linkage and multiplier effect to the economy as a whole.
OBJECTIVES OF THE STUDY
The broad objective of this study is to investigate the effect of non-oil revenue on GDP growth in Nigeria. However, the specific objectives are;
- To evaluate the contribution of non-oil revenue towards developing the Nigerian economy.
- To evaluate what extent non-oil revenue has affected Nigeria’s GDP growth.
- To evaluate the impact of investments on non-oil revenue.
REFERENCE
Adelman, M.A. (1976), “The World Oil Cartel”, Quarterly Review of Economics and business16, April, 3-11.
Adedipe . B. (2004),”The impact of oil on Nigeria”s Economic policy formulation:Kadmon preting press
Afolabi Khadijat (2011), “The oil export and Economic growth:Quarterly Review of Economics and business 16, April, 3-11.
Ahuja .H. L (2014). Economic growth and development.India .S. chand publications.
Akanni, O.P (2004) Oil Wealth and Economic Growth in Oil Exporting African countries. AERC Research paper 170.