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The Impact Of Oil Revenue On The Economic Growth In Nigeria (1980-2010)
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1.2 STATEMENT OF THE PROBLEM
The over – dependence on oil has created
vulnerability to the vagaries in the progressing section that shows the
contribution of oil to some macroeconomic variables. In particular, the
lace of oil in the psyche of the average Nigerian oil industry in 2003.
The contradiction is more external earning for Nigeria, and also
increased tax burden on imported refined petroleum products.
Some
scholars have advocated for the shifting of emphasis from the oil
industry to other sectors owing to their belief in the negative fallouts
of the oil industry; some others opined that the sectors should be
promoted and developed for its benefits. These opposing views have
created the problem of acceptance or otherwise of the oil industry in
Nigeria.
In view of the controversy with respect to the relative
contribution of the oil sector compared with other sectors, it is
imperative to establish empirically the relative impact of the oil
industry in the Nigeria economy.
1.3 OBJECTIVE OF THE STUDY
With
the development of petroleum in the Nigerian economy, there has been a
growing interest and concern towards its contributions to the economy
and economic growth. By the end of the research the study aims at
achieving the following objectives.
ï¶ To find out the impact of oil revenue (oil sector) on gross domestic product (GDP).
ï¶ To find the relationship between oil revenue and economic growth.
1.4 STATEMENT OF THE HYPOTHESIS
The following hypothesis will be tested in this study:
Ho: Oil has no effect on the economic growth in Nigeria
H1: Oil has a significant effect on the economic growth in Nigeria
1.5 SIGNIFICANCE OF THE STUDY
The study will be beneficial to the following:
ï¶ It will be relevant to oil companies operating in Nigeria in many of their operational and investment decisions.
ï¶ It will equally, serve as a source of information for the policy makers and stakeholders in the industry.
ï¶ It will also guide the government and its agencies in regulating the industry.
ï¶ It will serve as a source of information (data) to students in their field of study.
1.6 SCOPE AND LIMITATIONS OF THE STUDY
This research work is an investigation into the impact of oil industry on economic growth in Nigeria (1980-2010).
In
carrying out this research work, the researcher encounted some
difficulties. The first of such constraints or difficulties concerns
data collection from different sources. Also was the reluctance of some
library or Liberians to make data available.
Apart from the above
mentioned constraints, which are capable of adversely affecting the
accuracy of the results of this research work, all other errors and
omissions are entirely those of the researcher.
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ABSRACT - [ Total Page(s): 1 ]This research work was conducted to investigate the impact of the oil industry on the economic growth performance of Nigeria. In the process of the research, the ordinary least square (OLS) regression technique was employed. Considering the impact of time on changes in economic variables, the analysis was carried out using the simple regression method in which Gross Domestic Product (GDP), proxy for economic growth was used as the dependent variable, while the oil Revenue (OREV) and time appeare ... Continue reading---
