Oil and economic growth: An econometric analysis.

Abstract

The study focuses specifically on the effect of oil exports, non-oil exports and foreign capital inflow on Nigeria‟s economic growth performance. Using the OLSQ regression technique, we generated the relationship between the variables identified above. Relying on selected macroeconomic data for the period 1980 – 2000, the results of the study provides empirical evidence to reinforce the claim that oil exports have contributed more significantly to the growth of the Nigerian economy vis-à-vis other variables that were analysed. The paper recommends, as part of Nigeria‟s strategy for achieving rapid and sustainable economic „miracle‟ the aggressive pursuit of an export-led industrialisation policy