Year: 2026
Type: article
Abstract: This study examined the effect of oil and non-oil revenues on economic growth in Nigeria from 1981 to 2023 using an ex-post facto research design. Secondary data were sourced from the Central Bank of Nigeria Statistical Bulletin and World Bank Development Indicators, with oil and non-oil revenues measured as revenue-to-GDP ratios and economic growth measured as GDP growth rate. The study employed Johansen cointegration, error correction modelling, and fully modified ordinary least squares techniques to assess long-run and short-run dynamics. Findings revealed that both oil and non-oil revenues had significant long-run positive effects on economic growth, with non-oil revenue exhibiting a stronger growth-enhancing impact. Short-run changes were not statistically significant. The results underscore the importance of revenue diversification and stable fiscal policies. Recommendations include expanding non-oil revenue sources, prudent management of oil revenues, efficient fiscal reforms, and strengthened institutional capacity to sustain long-term growth.
Author: Abdul Zainab Husseini
Institution: Nasarawa State University
Language: English
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W7204259978