Economic growth and crude oil revenue in Nigeria: A control for industrial shocks

Nenubari Ikue, Lucky Ifeanyi Amabuike, Joseph Osaro Denwi, Aminu Usman Mohammed and Ahmadu Uba Musa
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Lucky Ifeanyi Amabuike: Nnamdi Azikiwe University
Joseph Osaro Denwi: University of Port Harcourt
Aminu Usman Mohammed: Central Bank of Nigera
Ahmadu Uba Musa: Central Bank of Nigera

International Journal of Research in Business and Social Science (2147-4478), 2021, vol. 10, issue 8, 218-227

Abstract: This paper investigated how oil revenue and the activities in the oil industry affected the size of income accrue to each Nigerian (Per capita income) from 1980 to 2019. The variables were sourced from the World Bank’s World Development Indicators (WDI), OPEC Statistics, Baker Hughes Rig Count and the central bank of Nigeria statistical bulletin. Using the AutoRegressive Distributional Lag (ARDL) we observed that explorative activities of crude oil in Nigeria positively impacted the size of individual income. The magnitude of the impact was massive irrespective of time; a 1% increase in exploration increases the size of individual income by 0.4786% in the long run and 0.6030% in the short run. The interaction of rigs by output (interaction of rig-count and oil-production) negatively impacted the size of individual income. This implies that the size of individual income in Nigeria is sensitive to the nature of the explorative environment of the Nigerian oil industry. Key Words:Economic-Growth, Industrial-Shock, Oil-Militia, Oil-Revenue, Ppipeline-vandals, Rig-Count.

Date: 2021
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