Non Oil Revenues and Its Imapct on Nigeria Economy 2001 - 2020

Student: Bolaji Mustapha Ayoadegoke (Project, 2025)
Department of Banking and Finance
Osun State Polytechnic, Iree, Osun State

Abstract

This study investigates the impact of non-oil revenue on economic growth of Nigeria. The study collected relevant data from the Central Bank of Nigeria (CBN) Annual Reports and statistical bulletin from the periods of 2001 - 2020. Descriptive statistics were carried out on non oil revenues and the various components of major non-oil revenue variables. A model was formulated incorporating Ordinary Least Square for the analysis of the data. The study revealed that non oil revenue has positive and significant impact on economic growth represented by Gross Domestic Product. The study, therefore, recommends that the non-oil sector of the economy should be restructured and diversified in order to boosi revenue generation. The government should focus more on agriculture, solid minerals, and service sectors as they are capable of influencing economic growth in the short and the long run.
Keywords: Non-oil revenue; Solid minerals;
Agriculture; and Economic growth;

Keywords
Non-oil revenue; Solid minerals; Agriculture; and Economic growth;
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