Crude Oil Revenue and Economic Diversification in Nigeria, 2015-2023

ABSTRACT Nigeria is greatly endowed with natural resources, richly blessed with fertile lands and well known as the biggest oil exporter in African. Crude oil has been rated as the main source of Nigeria government revenue due to the huge amount of money generated from crude oil export. Despite Nigeria massive crude oil earnings, our economy has not been able to respond to treatment and has suffered from economic disabilities. This study was therefore set out to investigate crude oil revenue and economic diversification in Nigeria. The study was guided by the following research objectives: (1). To ascertain whether Nigerian government dependence on crude oil revenue has undermine the development of other non-oil sectors of the economy and (2). To determine if the fluctuation in crude oil revenue has an adverse effect on Nigerian‘s investment in other sectors of the economy. To empirically interrogate the research objectives, the study adopted documentary method of data collection and Content Analysis. The study adopted Ex-post facto research design and Resource cursetheory. The study arrived at the following findings;(1). The Nigerian government dependence on crude oil revenue undermined the development of non-oil sectors of the economy between 2015 and 2023; and (2). The fluctuation in crude oil revenue adversely affects the investment of Nigerian non-oil sectors of the economy between 2015 and 2023. Based on the findings, the study made the following recommendation, among others; that there is need to diversify Nigerians economy by investing in the proceeds of crude oil revenue in developing non-oil sectors such as agricultural, manufacturing, health, energy sectors etc. KEYWORDS: Crude Oil Revenue, Diversification, Non-Oil Sectors, Fluctuation, GDP, Resource-Curse