International Journal of Science, Engineering and TechnologyAuthors: Ikechi Igwe, Jeremiah Okoroma, Uchechi Alerechi
Abstract: Nigeria's economy primarily relies on revenue from crude oil export since crude oil replaced agricultural produce as Nigeria's main source of revenue. This study investigated the impact of crude oil and non-oil revenues on the economic growth and development of Nigeria from the year 2015 to 2020. Economic growth and development performance indicators considered include oil revenue; oil price volatility; Gross Domestic Product; Per Capital Income; and non-oil revenue. The study employed an ex post facto research design and the data used for the investigation were sourced from the Central Bank of Nigeria statistical bulletin, Nigeria National Bureau of Statistics, and the World Bank Fact Book. The research data were processed based on descriptive statistics, correlation, and the ordinary least square regression methods, respectively, using E-view 10 software. The results suggest that despite the huge revenue generated from crude oil, oil revenue had a weaker impact on the Nigerian economic growth, with a 3.10 % significant positive impact on the gross domestic product, than non-oil revenue, which had a 31.35 % significant positive impact on gross domestic product. It is therefore, recommended that the Nigeria government develop the non-oil sector simultaneously with the oil sector to reducing the country’s over dependence on the oil sector revenue.
