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Assessment of the Impact of Oil and Non-Oil Products on Nigeria Gross Domestic Product (GDP)

Author

Listed:
  • Okeke Charles C.

    (Department of Statistics, Nnamdi Azikiwe University, Awka, Nigeria)

  • Eze Francis C.

    (Department of Statistics, Nnamdi Azikiwe University, Awka, Nigeria)

Abstract

This study investigates specifically the impact of Oil and Non-Oil Products on Nigeria Gross Domestic Product (GDP). Data were collected for period 1981-2016 Descriptive Statistics and Multiple Linear Regression Approach was used, defining Oil, and Non-Oil Products as independent variables and Gross Domestic Product (GDP) as dependent variable. From the analysis, Oil, and Non-Oil Products contributes immensely to the Nigeria Gross Domestic Product (GDP). Contrary, the Oil Product is positively and insignificant on economic growth of Nigeria (GDP) and the Non-Oil Product has positively and significant on economic growth of Nigeria (GDP). This study therefore recommends that Nigeria should enhance her export promotion strategies and diversify her economy far away from Crude oil.

Suggested Citation

  • Okeke Charles C. & Eze Francis C., 2019. "Assessment of the Impact of Oil and Non-Oil Products on Nigeria Gross Domestic Product (GDP)," Business, Management and Economics Research, Academic Research Publishing Group, vol. 5(5), pages 71-76, 05-2019.
    • Handle: RePEc:arp:bmerar:2019:p:71-76
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    References listed on IDEAS

    as
    1. World Bank, 2013. "Nigeria Economic Report, No. 1, May 2013," World Bank Publications - Reports 16568, The World Bank Group.
    2. Judith Giles & Cara Williams, 2001. "Export-led growth: a survey of the empirical literature and some non-causality results. Part 2," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 9(4), pages 445-470.
    3. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
    4. Judith Giles & Cara Williams, 2001. "Export-led growth: a survey of the empirical literature and some non-causality results. Part 2," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 9(4), pages 445-470.
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    Keywords

    Oil; Non-oil; GDP; Exports; Imports.;
    All these keywords.

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