Petroleum Income and Nigerian Economy : Empirical Evidence

Ogbonna, G.N.; Ebimobowei, Appah

doi:10.12816/0002159

Cited by 21 publications

(30 citation statements)

References 5 publications

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“…However, implementation of these legislations and regulations may not be optimal due to the loss of lives, properties and environmental degradation as a result of mining activities in many parts of Nigeria (Nnabo, Literature shows that despite having abundant mineral resources, Nigeria is still battling to make the mining sector viable (Ogbonna & Ebimobowei, 2012;KPMG, 2012;KPMG Report, 2014). However, the significant investments currently being made in the sector as pointed out by Onwuemenyi (2017) gives a glimmer of hope.…”

Section: Discussionmentioning

confidence: 99%

“…Despite these abundant mineral resources, Nigeria has been unable to kick-start the mineral mining sector. This is attributed mainly to overdependence on petroleum which has made the government lazy and slow in making significant success in developing an economically competitive mineral mining sector (Ogbonna & Ebimobowei, 2012). Nevertheless, the Federal Government is making the appreciable investment to turn the mining sector around as plans are currently in place to secure $150 million funding from international development partners for injection into the Nigerian mining sector (Onwuemenyi, 2017) It is fundamental that mineral mining activities are carried out under conditions that portend the least possible harm to mining practitioners, visitors, host communities and the immediate biophysical surroundings of the mining site.…”

Section: Introductionmentioning

confidence: 99%

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Role of Government in Ensuring Safety Consciousness During Mineral Mining Activities in Nigeria

Emetumah

Okoye

2018

ESJ

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There are a lot safety issues bordering on events that are taking place in various mineral mining sites including destruction of lives, properties and environmental degradation which have been reported across Nigeria. These issues are further exacerbated because being aware of safety regulations and procedures does not necessarily imply that they will be adequately enforced or complied with. The study looked at the role of government in ensuring safety consciousness during mining activities in Nigeria, by identifying regulatory frameworks, enforcement and compliance issues as well as government mechanisms on safety during mining activities. Reviewed literature showed that there is no holistic regulatory framework on safety management; enforcement and compliance of safety regulations is plagued by corruption and ineptness. Safety issues were usually at the discretion of mining companies and implementing existing safety regulations was challenging and ineffective. The study concluded that the success or failure of government actions is vital in ensuring safety consciousness during mining activities in Nigeria. The study recommends a more comprehensive evaluation of environmental and safety consciousness during mining activities among others.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Role of Government in Ensuring Safety Consciousness During Mineral Mining Activities in Nigeria

Emetumah

Okoye

2018

ESJ

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“…Between 1990 to 2000 Nigeria experienced averaged economic growth rate. The GDP was 2.4, national income of 1.121, while population of 2.8 and with a per capital income of -0.4 (World Bank Development Report, 2002;Schiller, 2003;Ogbonna et al, 2012).…”

Section:  Foreign Exchangementioning

confidence: 99%

“…Also, security should be boosted on the high sea where crude oil products are being smuggled as it will help to reduce the loss from illegal export of crude oil products. Ogbonna et al (2012) investigated Petroleum Income and Nigerian Economy: Empirical Evidence. The study covered a period of nine years from 2000-2009.…”

Section: Empirical Reviewmentioning

confidence: 99%

Evaluation of the Contribution of Oil Revenue on Economic Development in Nigeria

Madugba¹,

Ekwe²,

Okezie³

2016

IJEF

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The study evaluation of the contributions of oil revenue on economic development in Nigeria tested the impact of growth rate in oil revenue and growth rate in Gross Domestic product and growth rate in total federally collected revenue of the Government from 1991 to 2012. Regression analysis was used to carry out data analysis with the aid of SPSS version 20. Results showed that a unit change in growth rate of oil revenue will lead to an equal unit change in growth rate of gross domestic product. The study recommends that federal government should intensify efforts to increase revenue derived from oil especially as it impacts on GDP and federally collected revenue.

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“…Also, the revenue spin-off from these sub-sectors should provide the needed capital to jumpstart other sectors of the economy, especially those that have the greatest socio-economic impact. Ogbonna (2012) investigated the effects of petroleum income on the Nigerian economy for the period 2000 to 2009 using the gross domestic product (GDP), per capita income (PCI), and INF as the explained variables, and oil revenue, petroleum profit tax/royalties (PPT\R), and licensing fees (LF) as the explanatory variables. The author employed descriptive statistics and ordinary least square model method to examine the effects of petroleum income on the Nigerian economy.…”

Section: Introductionmentioning

confidence: 99%

Comparative analysis of investment funding in the Nigerian oil and agricultural sector

Alese¹,

Alimi²

2017

IJEA

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This paper makes a comparative analysis of investment funding between the Nigerian oil and agriculture industry, where both debt and non-debt financing instruments are considered. It employs both descriptive and long-run analyses to establish the facts using data from 1971-2011. The empirical results revealed that all the adopted debt and non-debt financing instruments, follow the same direction with varying magnitudes. Among all these instruments, savings (development stocks and treasury bills) are the best non-debt and (debt) financing mix used to propel the development of both agriculture and oil sector. More so, a negative shock was reported from treasury certificate and bond and international lending club on both sectors' output. However, policy should aim at areas that would make foreign funds have a trickle-down effect on the physical assets of the two sectors and not areas where their funds can easily be repatriated.Keywords: debt and non-debt investment financing; agriculture and industrial performance; Nigeria.Reference to this paper should be made as follows: Alimi, O.Y. and Alese, O.J. (2017) 'Comparative analysis of investment funding in the Nigerian oil and agricultural sector', Int.

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Petroleum Income and Nigerian Economy : Empirical Evidence

Cited by 21 publications

References 5 publications

Role of Government in Ensuring Safety Consciousness During Mineral Mining Activities in Nigeria

Role of Government in Ensuring Safety Consciousness During Mineral Mining Activities in Nigeria

Evaluation of the Contribution of Oil Revenue on Economic Development in Nigeria

Comparative analysis of investment funding in the Nigerian oil and agricultural sector

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