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Abstract
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Article Information:
Impact of Petroleum Revenue and the Economy of Nigeria
G.N. Ogbonna and Appah Ebimobowei
Corresponding Author: Appah Ebimobowei
Submitted: November 28, 2011
Accepted: December 27, 2011
Published: April 30, 2012 |
Abstract:
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This study investigates the impact of petroleum revenue and the economy of Nigeria for the period
1970-2009. To achieve this objective, primary and secondary data were used. The primary data was generated
from a well structured questionnaires administered to one hundred and fifty oil and gas and non oil and gas
workers in Rivers and Bayelsa States respectively. The secondary data was culled from the Central Bank of
Nigeria Statistical Bulletin 1970-2009. The data collected were analysed using Pearson Product correlation
Coefficient, Ordinary least square regression and descriptive statistics. The results of the analysis suggests that
petroleum revenue affects the gross domestic product and per capital income of Nigeria positively. However,
the relationship between petroleum revenue and inflation rate was negative. Therefore, the study conclude that
the revenue generated from petroleum exploration in Nigeria contributes to the gross domestic product and per
capita income, hence proper management and utilization to achieve long run growth and development of the
country. Useful recommendations were provided to improve the revenue generation effort and usage of the oil
wealth in Nigeria.
Key words: Economy, GDP, inflation, per capita income Nigeria, petroleum, revenue,
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Cite this Reference:
G.N. Ogbonna and Appah Ebimobowei, . Impact of Petroleum Revenue and the Economy of Nigeria. Current Research Journal of Economic Theory, (2): 11-17.
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ISSN (Online): 2042-485X
ISSN (Print): 2042-4841 |
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