Revenue Mobilization and Economic Growth in Nigeria, 1990-2022

Patrick, Ologbenla (Phd)
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Patrick, Ologbenla (Phd): Department Of Management And Accounting, Obafemi Awolowo University, Ile Ife, Nigeria

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 9, 2137-2149

Abstract: This study investigates the impact of revenue mobilization on economic growth in Nigeria, focusing on both oil and non-oil revenues. Using annual time series data from 1990 to 2022, the research employs descriptive and inferential statistical methods to analyze key economic variables including GDP, gross capital formation, labor force, non-oil and oil revenues, inflation, and exchange rates. The findings of the study reveal that non-oil revenue and gross capital formation have significant positive effects on GDP both in the short and long run. Conversely, variables such as exchange rate, labor force, and oil revenue do not significantly impact GDP in the short term. The Bounds test confirms the presence of a long-term co-integrating relationship among the variables. Diagnostic tests validate the model’s reliability, confirming the absence of serial correlation, heteroscedasticity, and indicating normally distributed residuals. The findings showed the importance of diversifying revenue sources beyond the oil sector and promoting investments to enhance economic growth. The study recommends; enhancing tax collection efficiency, creating an investment-friendly environment, stabilizing inflation, reducing exchange rate volatility, and improving labor market productivity through education and vocational training.

Date: 2024
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