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ABSTRACT
This study investigated oil revenue and economic growth in Nigeria. Three objectives were stated to guide the study. One model was developed to explore the relationship with the variables. The factors discussed in the literature review include the concept of oil revenue, economic growth, an overview of the Nigeria oil industry, oil revenue generation in Nigeria, the impact oil revenue generation in Nigeria, the impact of non-oil on economic growth, the impact of oil volatility on economic growth. The previous study by other researchers helped to develop the hypotheses in this project. The study examined the performance of oil sector on economic growth in Nigeria between 1981-2021. Economic growth was proxy as GDP while oil revenue was surrogated as non-oil revenue, oil price and exchange rate. The econometrics techniques of Augmented-Dickey Fuller, unit root test, Johansen Cointegration test and Error correction Model were employed, from the results, it can be maintained that oil revenue insignificantly contributed to economic growth in Nigeria between 1981-2021. Next, findings were presented and suggested recommendations were made to diversify the economy, monitor and manage oil price fluctuations.
