Assessing the Impact of Overdependence on Oil Revenue to Nigeria Economy

Description

– Assessing the Impact of Overdependence on Oil Revenue to Nigeria Economy –

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Abstract

The research is on Assessing the Impact of Overdependence on Oil Revenue to Nigeria Economy. The main objective of this study is to assess the impact of overdependence on oil revenue to Nigeria economy. Data for this research were obtained from both primary and secondary sources.

The questionnaire served as the main instrument for data collection. Interview was also conducted so as to obtain more data. Data analyses were done through the use of tabular presentation and percentages. Hypotheses were tested through Chi-square (X2).

The major findings of this study are as follows:

• Overdependence on oil revenue has more positive impact than negative impact on Nigeria’s economic
• Agriculture, Tourism, Taxation & Solid minerals are factors that could minimize Nigeria’s overdependence on oil

On the basis of the above findings, the study concludes that Nigerian economic growth is highly depended on the oil revenue. Hence, if there is a glut and fall in oil price in international market, it may be a great disaster on the economy and to the citizenry of the country.

Introduction

1.1 Background of the Study

Oil is a major source of energy in Nigeria and the world in general. Before the advent of oil (Crude oil), agriculture used to be the mainstay of the Nigerian economy which plays a vital role in shaping the economic and political destiny of the country (Abolaji1985:2).

In 1960s, agricultural products provided about 80% of the total export earnings and the main cash crops were cocoa, palm oil, groundnut etc. In 1962, agriculture accounted for about N229.8 million or 82% of the nation’s total values of export.

Moreso, in 1964 a total of N356.4 million was realized which represented 85% of the country’s total export for that year. According to Ezeagu (1979:9), the exportation of agricultural products was really thriving during these years.

However, by 1976 out of N274.2 million that came from export, agriculture accountedonly for 4% of the nations earnings, even with the take- over of export financing by the Finance Development House, the earnings from the non-oil export (which agriculture products dominated) have not improved by the end of 1991.

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