The Impact of Non-Oil Revenue on Economic Growth: Empirical Evidence from Nigeria

Olufemi Adegboyo (), Olufunke Ajoje () and Osmond Agu ()
Additional contact information
Olufemi Adegboyo: Federal University Oye-Ekiti
Olufunke Ajoje: Federal University Oye-Ekiti
Osmond Agu: Federal University Oye-Ekiti

EuroEconomica, 2023, issue 2(42), 158-168

Abstract: This study looks at the impact of non-oil revenue on Nigerian economic growth from 1981 to 2021. This study adopts endogenous growth model as its theoretical framework. The augmented Dickey Fuller test was used to determine whether each variable was stationary; the results showed that mining revenue is stationary at level, indicating that the series is integrated of order 0 i.e (I(0)), whereas real gross domestic product, agricultural revenue, manufacturing revenue and values added tax revenue are stationary at first difference, indicating that the series is integrated of order 1 (I(1)). Sequel to the result of the unit root test which showed that there is mixed level of stationary among the variables, the study employs ARDL estimation technique which is the technique that accommodates variables with mixed level of stationary. The result found that mining revenue, agricultural revenue, manufacturing revenue and values added tax revenue all contributes positively to economic growth of Nigeria. Based on these findings, Nigerian government should further develop the non-oil sector for it to generate more revenue which will spur economic growth, also the federal government of Nigeria needs to redouble its efforts to ensure the diversification of the nation’s productive sector.

Keywords: Non-oil export; endogenous growth model; economic growth (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://dj.univ-danubius.ro/index.php/EE/article/view/2523/2729 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dug:journl:y:2023:i:2:p:158-168

Access Statistics for this article

More articles in EuroEconomica from Danubius University of Galati Contact information at EDIRC.
Bibliographic data for series maintained by Florian Nuta ().