How Important is Oil in Nigeria’s Economic Growth?

Akinlo, Anthony Enisan

doi:10.5539/jsd.v5n4p165

Cited by 78 publications

(77 citation statements)

References 30 publications

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“…The similar types of studies are conducted for various countries and found the natural resource hypothesis to be valid, i.e. Papyrakis and Gerlagh (2007) study the U.S. states, Akinlo (2012) studies the Nigerian oil case. Beck (2011) studies the link between natural resource abundance and financial development.…”

Section: Review Of Relevant Literaturementioning

confidence: 96%

Dynamics between economic growth, labor, capital and natural resource abundance in Iran: An application of the combined cointegration approach

2016

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Section: Review Of Relevant Literaturementioning

confidence: 96%

Dynamics between economic growth, labor, capital and natural resource abundance in Iran: An application of the combined cointegration approach

2016

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“…However, government expenditure appears to be the main source for economic growth in the long run, and in the short run, variations in government expenditure are generally derived by oil revenue shocks. Similarly, Akinlo () found out a long‐run relationship among five sub sectors, i.e. Agriculture, Manufacturing, oil, building and construction, and trade and services in Nigeria over the sample period, which is an indication that increased oil activities, could impact on the other sectors.…”

Section: Review Of Related Studiesmentioning

confidence: 88%

Trivariate analysis of oil revenue, government spending and economic growth in Nigeria

Fasanya

Ogundare

2018

OPEC Energy Review

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This study examines the dynamic relationship between oil revenue, government spending and economic growth in Nigeria. Since the discovery of oil, oil proceeds have dominated the country's federation account and have improved public spending. In this paper, we analyse if the huge government spending has improved the rate of economic growth. To do this, the multivariate vector autoregression framework with special attention to Generalised Impulse Response Function is adopted in analysing the annual data of oil revenue, total government expenditure and real Gross Domestic Product from 1980 to 2015. We find evidence that oil receipts remain the major route which public spending is financed and the fundamental source for growth. Hence, there is need for the government to diversify the sources of foreign exchange inflow of the country. The diversification of the economy is required to insulate it from external shocks. It is recommended for Nigeria to explore ways of reviving its huge agricultural potential which has been neglected since the discovery of oil in addition to exploring its rich untapped solid minerals deposit in order to promote diversification of the economy away from a mono cultural product base.

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“…This was evident as crude oil production increased from 1.9 million barrels in 1958 to 152.4 barrels in 1966; from 395.7 million barrels in 1970 to 600.1 and 845.5 million barrels in 1975 and 1979 respectively. The output continued to increase from 711.3 million barrels, 742.3 million barrels and 2.15 billion barrels in 1996, 1998 and 2012 respectively (Akinlo, 2012).…”

Section: Introductionmentioning

confidence: 99%

The Impact of Oil Subsidy Removal on Infrastructural Development in Nigeria (2000-2012)

Anazodo¹,

Ezenwile²,

Chukwurah³

2014

PAR

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Nigeria is a country blessed with large quantities of crude oil deposits, but the revenue generated from the oil has added little or nothing to the lives of Nigerians. More worrisome is the fact that the issue of oil subsidy removals by successive administrations has been a matter of controversy, as the proceeds from the removals have not impacted on the development of the country Rather, the bulk of the proceeds fritter away into private pockets, thus leaving the nation in state of decay and total neglect. This paper therefore, tries to examine the impact of oil subsidy removal on infrastructural development in Nigeria. It is therefore recommended that proceeds from subsidy removal should be monitored effectively so as to ensure that they are invested in critical infrastructural development of the country.

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How Important is Oil in Nigeria’s Economic Growth?

Abstract: This study assesses the importance of oil in the development of the Nigerian economy in a multivariate VAR model over the period

Cited by 78 publications

References 30 publications

Dynamics between economic growth, labor, capital and natural resource abundance in Iran: An application of the combined cointegration approach

Dynamics between economic growth, labor, capital and natural resource abundance in Iran: An application of the combined cointegration approach

Trivariate analysis of oil revenue, government spending and economic growth in Nigeria

The Impact of Oil Subsidy Removal on Infrastructural Development in Nigeria (2000-2012)

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