Impact of oil Revenue on Economic Development in Nigeria [1981–2012]

Abstract

In enhancing proper and adequate economic development in Nigeria, there is a need to manage macroeconomic stability and pro-cyclical government expenditure pattern by improving non oil growth performance. It was based on this premise that, this study sought to examine the economic development and oil revenue in Nigeria. In doing this, regression analysis was carried out using SPSS. The result revealed the overdependence of Nigeria economy on oil revenue. Thus, this paper recommends policies and functional institutions to checkmate the poor transparency in the management of oil revenue that robbed the people of their potential benefits and economy diversification that will lead to improvement in revenue generation via other sources in the economy.