THE IMPACT OF OIL REVENUE ON THE ECONOMIC GROWTH IN NIGERIA (1980-2010)

ABSTRACT

This research work was conducted to investigate the impact of the oil industry on the economic growth performance of Nigeria. In the process of the research, the ordinary least square OLS regression technique was employed. Considering the impact of time on changes in economic variables, the analysis was carried out using the simple regression method in which Gross Domestic Product GDP, proxy for economic growth was used as the dependent variable, while the oil Revenue OREV and time appeared as repressors. A twotailed test of 5 significant levels were conducted indicating that the two explanatory variables did not have any significant impact on growth performance of the Nigerian economy within the same period. The researcher therefore recommends that government should formulate appropriate policy mix that would motivate the firm in the oil sector to enhance improved performance and contribution of the sector.