THE INFLUENCE OF OIL AND NON-OIL REVENUE ON ECONOMIC GROWTH IN NIGERIA

ABSTRACT: Understanding the impact of both oil and non-oil revenue on economic growth in Nigeria is of utmost importance in the context of achieving sustainable development and promoting economic diversification. The objective of this study is to examine the impact of both oil and non-oil revenue on the economic growth of Nigeria. The primary objective of this study was to examine the relationship between oil revenue and economic growth in Nigeria. Additionally, the study examined the impact of non-oil earnings on the economic growth of Nigeria. Furthermore, the study conducted an assessment of the impacts of both oil and non-oil revenue on significant economic variables, such as employment, poverty rates, and income distribution in the context of Nigeria. The research design employed in this study was an Ex-post facto design, which is based on the assumption that the existing data cannot be changed as it is already public.  The information encompassed a duration of three consecutive years, especially ranging from 2020 to 2022, and was procured from the Central Bank of Nigeria Statistical Bulletin. In this study, the Pearson correlation coefficient was employed to evaluate the degree of correlation or association between two variables that are measured on a continuous scale. The outcomes of the study suggest that both oil revenue and non-oil revenue have a significant and long-lasting influence on economic growth. The study provided empirical evidence that substantiates the assertion of a persistent correlation between oil revenue and economic growth. Moreover, a similar long-term relationship was seen between non-oil revenue and the expansion of the economy. A transient association exists between oil revenue and economic growth.