The effect of oil revenue on Nigeria's Economic Growth:1970-2011
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The book shows how Nigerian economy depend on oil revenue as a major source of income. it was discovered that revenue from oil is fluctuating as evidenced in the work.Nigeria has witnessed different oil booms in the 1980s, 1990s and 2009-2011.The fluctuations in the revenue has made Nigerian government to review its budget three times in 2009. it was discovered that the GDP grows between 6% to 9% due to oil revenue.while the country is suffering from poverty, unemployment and instability in some macro economic Variables. The book uses Vector Auto Regressive(VAR) Model to test for both short ru...
The book shows how Nigerian economy depend on oil revenue as a major source of income. it was discovered that revenue from oil is fluctuating as evidenced in the work.Nigeria has witnessed different oil booms in the 1980s, 1990s and 2009-2011.The fluctuations in the revenue has made Nigerian government to review its budget three times in 2009. it was discovered that the GDP grows between 6% to 9% due to oil revenue.while the country is suffering from poverty, unemployment and instability in some macro economic Variables. The book uses Vector Auto Regressive(VAR) Model to test for both short run and long run relationship among the variables in the models.firstly, Augmented Dickey Fuller(ADF) and Phillips Perron Test test were carried out to test for the stationarity of the variables. secondly, co integration test was carried out using johansen and julius(JJ) where Vector and Error Correction model (VECM)and causality test were carried out to test for long run relationship among the variables. it was recommended that the government should provide an enabling environment for production by providing power to invest in other sectors of the economy to reduce over dependence on oil.
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