THE IMPACT OF OIL REVENUE ON NIGERIAN ECONOMY (1985-1994)
THE IMPACT OF OIL REVENUE ON NIGERIAN ECONOMY (1985-1994)
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Date
1995-11
Authors
OLOWOOKERE , ORIMOLOYE
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Abstract
ABSTRACT
In this study effort has been made to discuss the impact
of oil revenue on the economy of Nigeria between 19 85 and
1994. Extensive Library Research is adopted in studying the
problem. 1908 marked the attempt of exploration for petroleum
in Nigeria, while the modern search for oil in the country
began in 1937 and exportation started in 1958. The
exploration and production were found to be exclusively under
foreign control for some time before the intervention by the
Nigerian government.
The study revealed that oil revenue and the government
revenue are symmetrically correlated having applied
correlation analysis. Thus oil gives the Federal Government
command over a considerable amount of resources.
The work equally revealed that inspite of the huge
revenue derived from the oil industry, Nigeria is yet to
witness the desired transformation of her economy due to
avoidable factors. It has been suggested that vigorous
diversification of the economy should be pursued rather than
overdependence on the revenue from oil.
Lastly, based on the potentials of Nigeria's reserves,
the paper revealed that the future of oil industry is bright
in the country if we get our priority right.
Description
DEPARTMENT OF BUSINESS ADMINISTRATION
AHMADU BELLO UNIVERSITY
ZARIA - NIGERIA.
Keywords
IMPACT,, OIL,, REVENUE,, NIGERIAN,, ECONOMY,, (1985-1994)