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Assessment of the Impact of Oil and Non-Oil Products on Nigeria Gross Domestic Product (GDP)

Okeke Charles C. and Eze Francis C.
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Okeke Charles C.: Department of Statistics, Nnamdi Azikiwe University, Awka, Nigeria
Eze Francis C.: Department of Statistics, Nnamdi Azikiwe University, Awka, Nigeria

Business, Management and Economics Research, 2019, vol. 5, issue 5, 71-76

Abstract: This study investigates specifically the impact of Oil and Non-Oil Products on Nigeria Gross Domestic Product (GDP). Data were collected for period 1981-2016 Descriptive Statistics and Multiple Linear Regression Approach was used, defining Oil, and Non-Oil Products as independent variables and Gross Domestic Product (GDP) as dependent variable. From the analysis, Oil, and Non-Oil Products contributes immensely to the Nigeria Gross Domestic Product (GDP). Contrary, the Oil Product is positively and insignificant on economic growth of Nigeria (GDP) and the Non-Oil Product has positively and significant on economic growth of Nigeria (GDP). This study therefore recommends that Nigeria should enhance her export promotion strategies and diversify her economy far away from Crude oil.

Keywords: Oil; Non-oil; GDP; Exports; Imports. (search for similar items in EconPapers)
Date: 2019
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