Oil Wealth and Economic Growth in Nigeria: An Empirical Analysis
K. Oduola, Oladotun, O. Atoyebi, Kehinde, S. Gbemisola, Olajide, I. Usman Damilola, Nicodemus Gilbert Fiberesima
Journal of Economics, Management and Trade · pp. 57–65 · Published 3 May 2023
10.9734/jemt/2023/v29i71104Abstract
This study examines the impact of oil wealth on economic growth in Nigeria over the period 1990-2021. The Autoregressive Distributed Lag (ARDL) approach was used to estimate the long-run and short-run dynamics of the relationship. The study finds that there is a positive and significant relationship between oil revenue and economic growth in Nigeria in the long-run. However, in the short run, the effect of oil revenue on economic growth is not statistically significant. The study also finds that the agricultural sector has a positive and significant impact on economic growth, while the health sector has a mixed impact, depending on the lagged periods considered. The education sector, on the other hand, has a positive impact on economic growth, but this effect is only significant at longer lagged periods. Based on these findings, the study recommends that the Nigerian government should focus on diversifying the economy by investing in non-oil sectors such as agriculture, education, and health to achieve sustainable economic growth.
Cited by 4
Garba Bamaiyi · International Journal of Developing and Emerging Economies · 2024
· International Journal of Developing and Emerging Economies · 2024
Olushola Daniel Eniowo, Moshood Onifade, John Adetunji Adebisi · Mineral Economics · 2026
Showing 3 of 4 known citations — external sources report more than can currently be individually listed.
Related research
- Greenhouse Gas Emission Determinants in Nigeria: Implications for Trade, Climate Change Mitigation and Adaptation Policies — shares topic coverage
- Stock Market Development and Economic Growth: A Comparative Evidence from two Emerging Economies in Africa – Nigeria and South Africa — shares topic coverage
- Determinants of Stock Market Development in Nigeria: A Cointegration Approach — shares topic coverage
- Effect of Financial Deepening on Economic Growth in Nigeria: A Time Series Appraisal (1986-2018) — shares topic coverage
- Economic Aspects and Applied Policies of Poverty Reductionin Malaysia — shares topic coverage
Article metrics
Real usage data collected on this platform.
6
Page views
0
PDF downloads
0
Outbound clicks
4
Citations
Views over time
Views by country
Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".
Traffic sources
Referring site, by host.
Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.