Impact Of Non-Oil Revenue In The Economic Development Of Nigeria (1986-2010)

ABSTRACT

This research work studies the impact of non-oil revenue in the economic growth and development on Nigeria. This research focuses on the need to diversify the economy in order to redirect the economy back to path of growth and development. The simple regression analysis was adopted to examine the contribution of the non-oil revenue in economic growth process of Nigeria. The variables employed include: non-oil revenue and the Gross Domestic Product. The result of the analyses showed that the non-oil revenue sector has contributed immensely to growth of the economy. This reveals that the impact of non-oil revenue in economic development cannot be over-emphasized. Some of recommendations made in the research project are that: there is need for evolution of the export policy, there is need to motivate the private sector to increase its drive towards exporting, stabilization of the foreign exchange stability.