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Sectorial Contributions of Non-Oil Revenue to Economic Growth in Nigeria

DOI: 10.4236/oalib.1106644, PP. 1-21

Subject Areas: Economics

Keywords: Sectorial Contribution, Environmental Sector, Information and Communication Sector, Finance Sector, Non-Oil Revenue, Economic Growth, ARDL, Nigeria

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Abstract

The study examined the sectorial contributions of non-oil revenue to economic growth in Nigeria from 1981 to 2018 with the aim of examining the effects of environmental, information and communication technology and financial sectors’ revenue to economic growth in Nigeria. Autoregressive distributed lag model was the main estimation technique applied. The time series data for the study on environmental sector revenue, information and communication technology sector revenue, financial sector revenue and real gross domestic product were secondarily sourced from the Central Bank of Nigeria’s Statistical Bulletin. The study found that environmental sector revenue has positive and insignificant contributions to economic growth whereas there information and communication technology and financial sectors’ revenue contributed positively and significantly to economic growth in Nigeria. The study, thus, implies that the sectorial contributions of non-oil revenue undermined. It is concluded that sectorial contributions of non-oil revenue is positive and significant to economic growth in Nigeria. Recommendations were made that, environmental, ICT, financial among others non-oil sectors should receive the same magnitude of fund as in the case of oil sector, i.e., the sector should be more funded and well equipped to ensure good outputs and contributions; government should review environmental factors and policy that may spur the economy significantly.

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Olowo, S. O. , Daramola, K. O. , Ogunsanwo, O. F. and Edewusi, D. G. (2020). Sectorial Contributions of Non-Oil Revenue to Economic Growth in Nigeria. Open Access Library Journal, 7, e6644. doi: http://dx.doi.org/10.4236/oalib.1106644.

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