Non-Oil Sector and Economic Growth in Nigeria: The National Accounts Perspective

Abstract

This study examines the impact of expansion in non-oil sector on sustainable economic growth of Nigeria economy. The study sourced data from the Central bank of Nigeria (CBN) statistical bulletin covering the periods of 2000 – 2019. An economic growth model was formulated using the study variables and the model was estimated using vector auto-regression (VAR) techniques, other diagnostic tests such as Roots of Characteristic Polynomial for VAR model stability, Augmented Dickey-Fuller test for time series stationarity, and granger causality tests were conducted to ensure the reliability of the model estimates. The analysis revealed that the estimated model is stable while the VAR and variance decomposition results shows that real gross domestic product is strongly endogenous in the short run but weakly endogenous in the long run. Further findings suggest that in the long run non-oil sector is strongly endogenous to real gross domestic product (92% contribution). The study, therefore, recommends diversification of the Nigerian economy by focusing more attention on agriculture, solid minerals, and service sectors as they tend to influence economic growth in the long run. More so, improved frameworks of accounting in areas of non-oil revenues are desirable for the accountancy profession.

Entry-Level Export Strategies in Developing African Countries

“…Although oil continues to be the major export and revenue source for the government, there continues to be efforts aimed at expanding the economy's horizons and decreasing reliance on oil revenue. Nevertheless, one of the pressing economic challenges Nigeria currently faces is the fluctuation of currency and the associated risks in exchange rates which can pose challenges for foreign investors (Ideh et al, 2021). To address these barriers, the Nigerian Government has implemented several measures to stabilize the currency and create confidence amongst the investors (Tonuchi & Onyebuchi, 2019).…”

Pengaruh Corporate Social Responsibility, Political Connection, Financial Performance, terhadap Reputasi Perusahaan dengan Agresivitas Pajak sebagai Variabel Modersting

“…Hasil pengujian ini tidak sebanding pendapat Dantara (2022) menunjukan implementasi CSR tidak berdampak terhadap reputasi perusahaan. Hasil penelitian yang serupa bersama Ideh et al, (2021) menyatakan semakin meningkat aktivitas tanggung jawab sosial perusahaan, bertambah baik reputasi tersebut. Hasil penelitian ini menunjukan dengan mewujudkan tanggung jawab sosial, perusahaan menunjukkan perhatiannya terhadap harapan dan kepentingan para pemangku kepentingannya.…”

Intensive and Extensive Margins of Export Diversification as Strategies for Sustainable Economic Growth: Evidence from the Nigerian Economy

“…Informed by the need to proffer solutions to the implementation problem and the country's peculiar circumstances, the questions as to which priority sectors that Nigeria should target for export diversification policy and how to best promote the strategy have emerged in the literature. Empirically, a replete of studies (Ajibola et al, 2019;Eko et al, 2013;Ideh et al, 2021;Madichie et al, 2019;Omoju & Ikhide, 2020;Riti et al, 2016;Umeji, 2019) have advocated agriculture, industries, tourism, services sector and several other revenue-earning sectors as plausible options for diversifying the economy.…”