Tag Archives: oil-rich economies

Nigeria beyond Oil: The Imperative of Diversification of the Nigerian Economy (Published)

This study appraised the nexus between economic growth and the diversification of the Nigerian economy, via the non-oil sector, with specific reference to the danger posed by over-reliance on oil export. The annual time series data that span through the period of 1980 and 2018 were applied. The Error Correction Mechanism (ECM) was adopted to help gauge the long-run and short-run dynamics of the Nigerian economic growth. Results of the empirical analysis revealed that the non-oil sector is actually the future of the Nigerian economy, as all the non-oil variables shown positive and significant relationship between them and economic growth, except ICT and Tax Revenue that were not significant and negative respectively. It is therefore recommended that policy makers should think in the direction of a non-oil economy to guarantee speedy growth of the Nigerian economy.

 

Keywords: Diversification, Dutch Disease, Tax Revenue, oil-rich economies