Oil Revenue and Nigeria Macroeconomic Performance: An Econometric Analysis
International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
www.ijsr.net | Open Access | Fully Refereed | Peer Reviewed International Journal

ISSN: 2319-7064

Research Paper | Economics | Nigeria | Volume 5 Issue 8, August 2016

Oil Revenue and Nigeria Macroeconomic Performance: An Econometric Analysis

Dr Fredrick Asogwa, Linus Donatus Okpongette

Considering the oil revenue stream and the slow rate of economic growth in the Nigerian economy, the study was carried out to ascertain the effects of oil revenue on the macroeconomic performance of Nigeria. This study made use of data obtained from the Central Bank of Nigeria (CBN) and the World Bank 1981 to 2014. The Ordinary Least Squared (OLS) technique and the Granger Causality test were used to ascertain the effect of oil revenue on Nigeria macroeconomic performance. The result shows that oil revenue is statistically significant to economic growth in Nigeria and a positive relationship exists between them. Co-integration result shows evidence of long run relationship between oil revenue and economic growth in Nigeria. However, the result of Granger causality test shows that oil revenue does not Granger cause Economic growth. The study recommends the implementation of the petroleum industry bill with alternative sources of revenue for greater economic performance.

Keywords: Oil Revenue, economic growth, co-integration, Granger causality, Nigeria

Edition: Volume 5 Issue 8, August 2016

Pages: 1760 - 1764

Share this Article

How to Cite this Article?

Dr Fredrick Asogwa, Linus Donatus Okpongette, "Oil Revenue and Nigeria Macroeconomic Performance: An Econometric Analysis", International Journal of Science and Research (IJSR), https://www.ijsr.net/search_index_results_paperid.php?id=ART20161190, Volume 5 Issue 8, August 2016, 1760 - 1764

90 PDF Views | 79 PDF Downloads

Download Article PDF



Similar Articles with Keyword 'Oil Revenue'

Research Paper, Economics, Nigeria, Volume 3 Issue 11, November 2014

Pages: 2571 - 2577

Investigation of the Impact of Non-Oil Revenue on Economic Growth in Nigeria

Ude Damian Kalu, Agodi Joy E.

Share this Article

Research Paper, Economics, Nigeria, Volume 3 Issue 8, August 2014

Pages: 643 - 648

Privatization and Commercialization of Nigerian National Petroleum Corporation Oil Refineries in Nigeria

Taiwo A. Gbenga, Ademuyiwa A. Mukaila, Adedokun O. Micheal, Sojobi Olayiwola A.

Share this Article

Research Paper, Economics, Nigeria, Volume 5 Issue 8, August 2016

Pages: 1760 - 1764

Oil Revenue and Nigeria Macroeconomic Performance: An Econometric Analysis

Dr Fredrick Asogwa, Linus Donatus Okpongette

Share this Article

Similar Articles with Keyword 'economic growth'

Research Paper, Economics, China, Volume 9 Issue 11, November 2020

Pages: 1198 - 1202

Research on Credit Risk Management of Auto Finance - A Case Study of H Auto Finance Company

Zhao Linzi, Wang Tao

Share this Article

Review Papers, Economics, India, Volume 4 Issue 8, August 2015

Pages: 1972 - 1975

An Overview of India's Draft IPR Policy

Shruti Garg

Share this Article

Research Paper, Economics, Benin, Volume 8 Issue 12, December 2019

Pages: 654 - 663

Impact of Public Spending on Human Capital on Benin's Economic Growth

Balogoun Ismala

Share this Article

Research Paper, Economics, Zimbabwe, Volume 5 Issue 2, February 2016

Pages: 1426 - 1432

The Need to Go Beyond GDP in Measuring Development

Eric S. M. S. Makura

Share this Article

Research Paper, Economics, Nigeria, Volume 3 Issue 11, November 2014

Pages: 2571 - 2577

Investigation of the Impact of Non-Oil Revenue on Economic Growth in Nigeria

Ude Damian Kalu, Agodi Joy E.

Share this Article

Similar Articles with Keyword 'co-integration'

Research Paper, Economics, Kenya, Volume 3 Issue 10, October 2014

Pages: 1666 - 1671

Impact of Selected Macroeconomic Indicators on Inflation in Kenya

Maureen Gathuu, George Kosimbei

Share this Article

Research Paper, Economics, Ethiopia, Volume 5 Issue 8, August 2016

Pages: 1399 - 1401

Inflation and Gross Domestic Savings nexus in Ethiopia

Demilie Basha Hailu, Samson Abay

Share this Article

Case Studies, Economics, Iraq, Volume 4 Issue 8, August 2015

Pages: 1506 - 1516

The Impact of External Debt on Economic Growth: Empirical Evidence from Iraq

Dr. Younis Ali Ahmed PhD, Sazan Taher Saeed MSc, Shvan Jamal Hama Saed MSc

Share this Article

Research Paper, Economics, Ethiopia, Volume 4 Issue 4, April 2015

Pages: 2475 - 2484

Financial Development and Economic Growth Nexus: Evidence from Ethiopia (Johnson Approach to Co-Integration)

Hailay Tsigab Kahsay

Share this Article

Research Paper, Economics, Kenya, Volume 9 Issue 4, April 2020

Pages: 1336 - 1343

Effect of Taxes on Investment Growth in Rwanda

Mugabe G, Mulyungi M.P

Share this Article

Similar Articles with Keyword 'Granger causality'

Research Paper, Economics, China, Volume 6 Issue 8, August 2017

Pages: 1291 - 1295

The Influence of Supply-Side Factors on the Upgrading of China's Industrial Structure

Juan Shang, Yao Tong

Share this Article

Research Paper, Economics, Turkey, Volume 5 Issue 4, April 2016

Pages: 1888 - 1898

Long and Short Term Relationship between Real Exchange Rate, Travel Revenues and Expenditure in Turkey during the Period of 2003:1-2016:1

Nazm CATALBAS

Share this Article

Research Paper, Economics, China, Volume 5 Issue 10, October 2016

Pages: 1582 - 1587

Analysis of Interest Rate and Stock Price in Africa: Case Study of Ghanaian Listed Firms

Bridget Opoku-Agyemang, Grace Ofori-Abebrese, Benjamin Korankye

Share this Article

Research Paper, Economics, Turkey, Volume 4 Issue 4, April 2015

Pages: 2768 - 2777

On the Causal Relationship between Economic Growth and Renewable Energy Consumption: The Case of Turkey

Burhan DOAN, zgr AKEK

Share this Article

Research Paper, Economics, Tunisia, Volume 3 Issue 11, November 2014

Pages: 1765 - 1780

Study of the Dynamics of Asset Prices by a Behavioral Approach: Theoretical Foundations & Empirical Investigation

Mr. Nizar El Ouni

Share this Article

Similar Articles with Keyword 'Nigeria'

Research Paper, Economics, Nigeria, Volume 2 Issue 5, May 2013

Pages: 445 - 448

Modeling and Forecasting Crude Oil Price: Implications for the Nigeria's 2013 Budget Proposal

K. J. Akomolafe, Jonathan D. Danladi

Share this Article

Research Paper, Economics, Nigeria, Volume 3 Issue 11, November 2014

Pages: 2571 - 2577

Investigation of the Impact of Non-Oil Revenue on Economic Growth in Nigeria

Ude Damian Kalu, Agodi Joy E.

Share this Article

Research Paper, Economics, Nigeria, Volume 3 Issue 10, October 2014

Pages: 70 - 75

External Debt: A Tool For, or a Threat to the Economic Growth of Nigeria

Mbanasor Christian Okechukwu, Okere Peter Anele

Share this Article

Research Paper, Economics, Nigeria, Volume 3 Issue 8, August 2014

Pages: 643 - 648

Privatization and Commercialization of Nigerian National Petroleum Corporation Oil Refineries in Nigeria

Taiwo A. Gbenga, Ademuyiwa A. Mukaila, Adedokun O. Micheal, Sojobi Olayiwola A.

Share this Article

Research Paper, Economics, Nigeria, Volume 4 Issue 8, August 2015

Pages: 1138 - 1144

Contraction in Economic Activities and Government Expenditure in Nigeria: An Asymmetric ARDL Approach

Okonkwo N. Osmond

Share this Article
Top