Evaluation of the Contribution of Oil Revenue on Economic Development in Nigeria

Joseph Ugochukwu Madugba, Michael Chidiebere Ekwe and Stella Ogechukwu Okezie

International Journal of Economics and Finance, 2016, vol. 8, issue 6, 210

Abstract: The study evaluation of the contributions of oil revenue on economic development in Nigeria tested the impact of growth rate in oil revenue and growth rate in Gross Domestic product and growth rate in total federally collected revenue of the Government from 1991 to 2012. Regression analysis was used to carry out data analysis with the aid of SPSS version 20. Results showed that a unit change in growth rate of oil revenue will lead to an equal unit change in growth rate of gross domestic product. The study recommends that federal government should intensify efforts to increase revenue derived from oil especially as it impacts on GDP and federally collected revenue.

Date: 2016
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