In this study, we have measured the excitation function of the nuclear reaction 58Ni(n,p)58Co. The excitation function was measured using neutron activation techniques and γ-ray spectroscopy and compared with available cross section data available in the EXFOR. We have also calculated the covariance matrix of the measured cross section for the above mentioned nuclear reaction. The uncertainties of the theoretical calculation for 58Ni(n,p)58Co reaction cross section were calculated by using Monte Carlo Method. In this study, we have used the uncertainties in the optical model and level density parameters to calculate the uncertainties in the theoretical cross sections. The theoretical calculations were performed by using TALYS-1.96. The present study aims to analyze the effect of uncertainties of the nuclear model input as well as different experimental variables used to obtain the values of reaction cross section.