Effect of Non-Oil Sector on the Growth of Nigerian Economy (1990-2021)

Gideon Kasie Ezu and Charity Ifunanya Osakwe
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Gideon Kasie Ezu: Department of Banking and Finance, Nnamdi Azikiwe University, Awka
Charity Ifunanya Osakwe: Department of Banking and Finance, Nnamdi Azikiwe University, Awka

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 3, 163-173

Abstract: This research work assessed the effect of non-oil sector on the growth of Nigerian economy. The major reason for this study was to proffer solution to question of what else need to be done in order to diversify the economy and develop the non-oil sector to realize its potentials in Nigeria. The specific objectives are; to evaluate the relationship between manufacturing sector output on Nigerian economy and determine the relationship between agricultural output on Nigerian economy. Ex-post facto research design was deemed appropriate for the study. Data for this study were sourced from secondary means especially CBN statistical bulletin. Manufacturing sector output, agricultural sector output, power sector output and total bank credit were used to proxy non-oil sector, while GDP was used to proxy economic growth. Hypotheses were tested using regression analysis (OLS), which was adopted due to its simplicity and unbiasness. The regression was tested using E-view software version 8.0.The result of the study showed manufacturing sector and agricultural sector have significantly contributed to economic growth in Nigeria, while power sector and bank credit have not contributed significantly to economic growth in the country. The study therefore recommends that budget on power sector should be increased and its usage properly monitored to avoid embezzlement of the fund.

Date: 2023
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