IMPACT OF OIL REVENUE ON THE ECONOMIC GROWTH OF NIGERIA

📄 Project Abstract

Nigeria is a nation rich in natural resources, populated by an estimated 167 million people and a land area of about 924 thousand square kilometres. Located in West Africa, it is surrounded to the east by Cameroon, towards the west by Benin, to the north by Niger and to the south by Gulf of Guinea. It is perceived to be Africa's second-largest economy and biggest oil maker in Africa (OPEC 2012). Until oil was found in Nigeria, the agricultural sector was the Nigerian economy's main stay, contributing about 95 per cent to its foreign exchange earnings, producing about 60 percent of its employment potential, and about 56 per cent to its gross domestic earnings (World Bank, 2013). The main exportable yields were cocoa, palm items, cotton, ground nut, wood and elastic, with these items contributing a large portion of Nigeria's exports, Agriculture was the Nigerian economy's leading growth sector whereas oil exports were very poor. In fact, the available literature on Nigeria's economy indi...