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Abstract
The main objective of the study was to examine the impact of oil production and consumption on economic development in Nigeria. The study utilized data spanning from 1995-2021 for its estimation using various statistical and econometric instruments. Economic development was captured using Human development index. More specifically, the study employed the autoregressive distributed lag model to determine the long run and short relationship of the subject matter. The estimated results showed that oil production has a positive and significant impact on economic development in both the short run and the long run. The results further indicated that oil consumption has a positive and significant impact on economic development in the short run period which was found non-significant in the long run. And lastly, it was established that oil prices has a positive and non-significant impact on economic development in the short run while in the long run, the findings showed a positive and significant relationship between oil prices and economic development. The study thus, recommended that government should revamp local refineries that can cater for local demand and consumption, and also, policy makers must play a pivotal role in monitoring local content development and contracting procedures.
