The Effect Of Oil Revenue On Economic Growth In Nigeria

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The Effect of Oil Revenue on Economic Growth in Nigeria

Author : Isiaka Akande Raifu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis The Effect of Oil Revenue on Economic Growth in Nigeria by : Isiaka Akande Raifu

Download or read book The Effect of Oil Revenue on Economic Growth in Nigeria written by Isiaka Akande Raifu and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the effect of oil revenue on the distribution of economic growth across different quantiles in Nigeria over the period from 1981 to 2018. To achieve this objective, the study employs a quantile regression method. For robustness, the quantile regression results are compared with the OLS estimation results. From the OLS results, it is found that oil revenue has a positive and significant effect on economic growth. Precisely, an increase in oil revenue by 1% leads to an increase in economic growth by 0.184%. However, the quantile regression results show that oil revenue's positive effect on economic growth varies over quantiles. At lower quantiles (5th, 10th), even though oil revenue exerts a positive effect on economic growth, the effect is not statistically significant. At the 25th quantile, an increase in oil revenue by 1% leads to an increase in economic growth by 0.137% which further increase to 0.186% and 0.279% at the 50th quantile and 75th quantile respectively. At the upper quantiles (90th and 95th), the effect of oil revenue on economic growth becomes statistically insignificant even though it is still positive. In fact, by controlling for other determinants of economic growth such as investment, human capital and trade openness, oil revenue losses a significant effect on the economy. This study further finds that human capital and investment spur economic growth while trade openness seems not to have any significant effect on it across the quantiles. Given the findings, it is very important for policymakers to judiciously use the oil revenue by investing it in the critical sectors of the economy, especially during the windfall.

Oil boom in Nigeria and its consequences for the country s economic development

Author : Irina Romanova
Publisher : GRIN Verlag
ISBN 13 : 3638605841
Total Pages : 33 pages
Book Rating : 4.6/5 (386 download)

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Book Synopsis Oil boom in Nigeria and its consequences for the country s economic development by : Irina Romanova

Download or read book Oil boom in Nigeria and its consequences for the country s economic development written by Irina Romanova and published by GRIN Verlag. This book was released on 2007-02-03 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject English Language and Literature Studies - Culture and Applied Geography, grade: 1,3, University of Paderborn, course: Commonwealth of Nations, language: English, abstract: The energy sector plays a vital role in Nigeria’s economy since the country is endowed with abundant energy resources, such as oil, gas, coal and water. Oil was discovered in 1958 and has since the early 1970s dominated the economy. Today, Nigeria is the largest oil producer in sub-Saharan Africa and since 1971 a member of OPEC, with an estimated production volume of 2.413 million barrel/day (2005). This makes it the world's sixth largest producer. Since 1960, Nigeria has reaped an estimated US$600 billion in oil revenue. At the same time, Nigeria has the third highest number of poor people in the world, after China and India. With a per capita income of about US$ 350, around 70 million Nigerians are living on less than one US Dollar a day. Low human development level, social conflicts and enviromental degradation are just a few problems which chararterize the current state of development in Nigeria. The question to be asked is why a country such as Nigeria which is highly endowded with one of the most valuable resources has faired disproportionally badly in economic and social terms? Why has so little been done in terms of human development? Besides, the Niger Delta region - the main producer of oil in Nigeria - though being the engine of Nigeria’s economy, also presents a paradox, because the vast oil revenues have barely touched the delta’s own pervasive local poverty. Vast natural resource reserves have many implications. They may affect socio-economic and political developments of the country as well as have considerable enviromental implications. While natural resource reserves (oil and other mineral resources) constitute a potential blessing for the country that owns them, they turn out to be a curse in most cases.

The Effect of Oil Revenue on Nigeria's Economic Growth:1970-2011

Author : Maryam Kabir
Publisher :
ISBN 13 : 9783659610738
Total Pages : 160 pages
Book Rating : 4.6/5 (17 download)

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Book Synopsis The Effect of Oil Revenue on Nigeria's Economic Growth:1970-2011 by : Maryam Kabir

Download or read book The Effect of Oil Revenue on Nigeria's Economic Growth:1970-2011 written by Maryam Kabir and published by . This book was released on 2016-12-20 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Nigerian Oil Economy

Author : J. K. Onoh
Publisher : Routledge
ISBN 13 : 1351390031
Total Pages : 143 pages
Book Rating : 4.3/5 (513 download)

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Book Synopsis The Nigerian Oil Economy by : J. K. Onoh

Download or read book The Nigerian Oil Economy written by J. K. Onoh and published by Routledge. This book was released on 2017-09-05 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: The development of Nigeria's oil industry is examined comprehensively in this book, originally published in 1984. It charts the changing course of her economy and examines the dramatic effect oil has had on Nigeria's domestic and international policies. Oil has enabled her to command a powerful position in African affairs and within OPEC itself, but at the same time, has held back other forms of economic development. Nigeria's future in the oil industry, as well as in related fields such as gas, is assessed both in the light of her former policies and in the changing world economy. This book will be of interest to all concerned in the oil industry, international finance or world power politics.

Do Government Revenues Matter for Economic Growth?

Author : Isiaka Akande Raifu
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Do Government Revenues Matter for Economic Growth? by : Isiaka Akande Raifu

Download or read book Do Government Revenues Matter for Economic Growth? written by Isiaka Akande Raifu and published by . This book was released on 2018 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bursting of crude oil prices in the international market since mid-2014 has resulted in dwindling oil revenue, which has led to economic recession in Nigeria. The recession has further exacerbated existing socioeconomic problems bedeviling the country. In the light of this, we examined the effect of government revenues (oil and non-oil revenues) on economic growth, both in the short-run and the long-run using autoregressive distributed lag method. Our findings show that government revenues are indispensable to economic growth in Nigeria. In addition, we found that economic growth is more responsive to oil revenue than non-oil revenue. Based on our findings, we advocate for effective and efficient use of government revenues. Furthermore, since oil revenue fluctuates more than non-oil revenue, we further advocate for creation of an enabling business environment geared towards improving the contribution of the non-oil sector to the government revenue base.

Oil in the Economic Development of Nigeria

Author : Godswill Ifeanyi Nnaji
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.:/5 (259 download)

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Book Synopsis Oil in the Economic Development of Nigeria by : Godswill Ifeanyi Nnaji

Download or read book Oil in the Economic Development of Nigeria written by Godswill Ifeanyi Nnaji and published by . This book was released on 1988 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook on Energy and Climate Change

Author : Roger Fouquet
Publisher : Edward Elgar Publishing
ISBN 13 : 0857933698
Total Pages : 753 pages
Book Rating : 4.8/5 (579 download)

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Book Synopsis Handbook on Energy and Climate Change by : Roger Fouquet

Download or read book Handbook on Energy and Climate Change written by Roger Fouquet and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 753 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔSome of us have spent our professional lives on energy and climate change but any new researcher or policy maker must find it daunting to even approach the subject. If so, this encyclopedic Handbook provides a wonderful and necessary introduction. It is creative and up to date, yet also takes the reader by the hand and introduces one topic after another while also providing much of the historical context that is so necessary to a deeper understanding.Õ Ð Thomas Sterner, Environmental Defense Fund This timely Handbook reviews many key issues in the economics of energy and climate change, raising new questions and offering solutions that might help to minimize the threat of energy-induced climate change. Constructed around the objectives of displaying some of the best of current thinking in the economics of energy and climate change, this groundbreaking volume brings together many of the worldÕs leading and most innovative minds in the field to cover issues related to: ¥ fossil fuel and electricity markets ¥ environment-related energy policy ¥ international climate agreements ¥ carbon mitigation policies ¥ low carbon behaviour, growth and governance. Serving as an indispensable guide to one of the fastest growing fields of economics, this invaluable resource will strongly appeal to students, academics and policy makers interested in energy, environmental and climate change issues.

The Impact of Oil on a Developing Country

Author : Augustine A. Ikein
Publisher :
ISBN 13 :
Total Pages : 368 pages
Book Rating : 4.X/5 (2 download)

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Book Synopsis The Impact of Oil on a Developing Country by : Augustine A. Ikein

Download or read book The Impact of Oil on a Developing Country written by Augustine A. Ikein and published by . This book was released on 1991 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Managing Oil Revenues for Socio-economic Development in Nigeria

Author : Emeka A. Duruigbo
Publisher :
ISBN 13 :
Total Pages : 324 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Managing Oil Revenues for Socio-economic Development in Nigeria by : Emeka A. Duruigbo

Download or read book Managing Oil Revenues for Socio-economic Development in Nigeria written by Emeka A. Duruigbo and published by . This book was released on 2004 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:

An Analysis of the Relationship between Tax Revenue and Public Expenditure in Nigeria

Author : Zahradden Adam
Publisher : GRIN Verlag
ISBN 13 : 3346091333
Total Pages : 54 pages
Book Rating : 4.3/5 (46 download)

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Book Synopsis An Analysis of the Relationship between Tax Revenue and Public Expenditure in Nigeria by : Zahradden Adam

Download or read book An Analysis of the Relationship between Tax Revenue and Public Expenditure in Nigeria written by Zahradden Adam and published by GRIN Verlag. This book was released on 2020-01-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2019 in the subject Business economics - Miscellaneous, , course: AN ANALYSIS OF THE RELATIONSHIP BETWEEN TAX REVENUE AND PUBLIC EXPENDITURE IN NIGERIA., language: English, abstract: The study investigatedon the relationship between tax revenue and public expenditure in Nigeria for the period of 1985-2017. To achieve the objective of the study, relevant secondary data were collected from the Central Bank of Nigeria (CBN) Statistical Bulletin. The study set out to test both long run and causal relationship between tax revenue and public expenditure in Nigeria. An empirical investigation was conducted using time-series data on oil revenue, non-oil revenue and capital expenditure from 1985-2017. The technique employed in the study include were Augmented Dickey Fuller test, Johasen Co-integration test, Vector Error Correction Model, Granger Causality test, and diagnostic test. The results shows a significant long-run relationship and a uni-directional relationship between tax revenue and public expenditure in Nigeria.The study recommends that Government should endeavor to provide social amenities to all nooks and crannies of the country as this will boost the level of tax compliance in Nigeria.

Oil Wealth and Development in Uganda and Beyond

Author : Arnim Langer
Publisher : Leuven University Press
ISBN 13 : 9462702004
Total Pages : 396 pages
Book Rating : 4.4/5 (627 download)

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Book Synopsis Oil Wealth and Development in Uganda and Beyond by : Arnim Langer

Download or read book Oil Wealth and Development in Uganda and Beyond written by Arnim Langer and published by Leuven University Press. This book was released on 2020-01-07 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Multidisciplinary perspectives to governance of oil in African countries Large quantities of oil were discovered in the Albertine Rift Valley in Western Uganda in 2006. The sound management of these oil resources and revenues is undoubtedly one of the key public policy challenges for Uganda as it is for other African countries with large oil and/or gas endowments. With oil expected to start flowing in 2021, the current book analyses how this East African country is preparing for the challenge of effectively, efficiently, and transparently managing its oil sector and resources. Adopting a multidisciplinary, comprehensive, and comparative approach, the book identifies a broad scope of issues that need to be addressed in order for Uganda to realise the full potential of its oil wealth for national economic transformation. Predominantly grounded in local scholarship and including chapters drawing on the experiences of Nigeria, Ghana, and Kenya, the book blazes a trail on governance of African oil in an era of emerging producers. Oil Wealth and Development in Uganda and Beyond will be of great interest to social scientists and economic and social policy makers in oil-producing countries. It is suitable for course adoption across such disciplines as International/Global Affairs, Political Economy, Geography, Environmental Studies, Economics, Energy Studies, Development, Politics, Peace, Security and African Studies. Contributors: Badru Bukenya (Makerere University), Moses Isabirye (Busitema University), Wilson Bahati Kazi (Uganda Revenue Authority), Corti Paul Lakuma (Economic Policy Research Centre), Joseph Mawejje (Economic Policy Research Centre), Pamela Mbabazi (Uganda National Planning Authority), Martin Muhangi (independent researcher), Roberts Muriisa (Mbarara University of Science and Technology), Chris Byaruhanga Musiime (independent researcher), Germano Mwabu (University of Nairobi), Jackson A. Mwakali (Makerere University), Tom Owang (Mbarara University of Science and Technology), Joseph Oloka-Onyango (Makerere University), Peter Quartey (University of Ghana), Peter Wandera (Transparency International Uganda), Kathleen Brophy (Transparency International Uganda), Jaqueline Nakaiza (independent researcher), Babra Beyeza (independent researcher), Jackson Byaruhanga (Bank of Uganda), Emmanuel Abbey (University of Ghana).

Political Economy of Oil-Revenue Sharing in a Developing Country

Author : Mr.Ehtisham Ahmad
Publisher : International Monetary Fund
ISBN 13 : 1451843429
Total Pages : 27 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Political Economy of Oil-Revenue Sharing in a Developing Country by : Mr.Ehtisham Ahmad

Download or read book Political Economy of Oil-Revenue Sharing in a Developing Country written by Mr.Ehtisham Ahmad and published by International Monetary Fund. This book was released on 2003-01-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Control over natural resource revenues is a contentious, politically divisive issue in most developing countries-especially for oil production. A typical policy response of the center in such cases has been to introduce revenue sharing arrangements. Such measures have generally not assuaged the aspirations of the oil-producing regions and have exposed them to volatility in their revenue flows that they are generally unable to cope with. An alternative is to assign more stable revenue bases to the regional administrations, together with a general-purpose transfer system that incorporates a floor. This acts as an insurance mechanism for the regional administrations and facilitates the stable provision of public services in the oil-production regions, as well as the possibility of redistribution. We use the recent history of oil-revenue sharing in Nigeria to illustrate the propositions.

The Price of Oil

Author : Bronwen Manby
Publisher : Human Rights Watch
ISBN 13 : 9781564322258
Total Pages : 230 pages
Book Rating : 4.3/5 (222 download)

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Book Synopsis The Price of Oil by : Bronwen Manby

Download or read book The Price of Oil written by Bronwen Manby and published by Human Rights Watch. This book was released on 1999 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Attempts to Import Weapons

Escaping the Resource Curse

Author : Macartan Humphreys
Publisher : Columbia University Press
ISBN 13 : 0231512104
Total Pages : 429 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Escaping the Resource Curse by : Macartan Humphreys

Download or read book Escaping the Resource Curse written by Macartan Humphreys and published by Columbia University Press. This book was released on 2007-05-22 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: The wealth derived from natural resources can have a tremendous impact on the economics and politics of producing countries. In the last quarter century, we have seen the surprising and sobering consequences of this wealth, producing what is now known as the "resource curse." Countries with large endowments of natural resources, such as oil and gas, often do worse than their poorer neighbors. Their resource wealth frequently leads to lower growth rates, greater volatility, more corruption, and, in extreme cases, devastating civil wars. In this volume, leading economists, lawyers, and political scientists address the fundamental channels generated by this wealth and examine the major decisions a country must make when faced with an abundance of a natural resource. They identify such problems as asymmetric bargaining power, limited access to information, the failure to engage in long-term planning, weak institutional structures, and missing mechanisms of accountability. They also provide a series of solutions, including recommendations for contracting with oil companies and allocating revenue; guidelines for negotiators; models for optimal auctions; and strategies to strengthen state-society linkages and public accountability. The contributors show that solutions to the resource curse do exist; yet, institutional innovations are necessary to align the incentives of key domestic and international actors, and this requires fundamental political changes and much greater levels of transparency than currently exist. It is becoming increasingly clear that past policies have not provided the benefits they promised. Escaping the Resource Curse lays out a path for radically improving the management of the world's natural resources.

Resource Abundance and Economic Development

Author : R. M. Auty
Publisher : Oxford University Press
ISBN 13 : 0199246882
Total Pages : 357 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis Resource Abundance and Economic Development by : R. M. Auty

Download or read book Resource Abundance and Economic Development written by R. M. Auty and published by Oxford University Press. This book was released on 2001-06-28 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1960s the per capita incomes of the resource-poor countries have grown significantly faster than those of the resource-abundant countries. In fact, in recent years economic growth has been inversely proportional to the share of natural resource rents in GDP, so that the small mineral-driven economies have performed least well and the oil-driven economies worst of all. Yet the mineral-driven resource-rich economies have high growth potential because the mineral exportsboost their capacity to invest and to import."Resource Abundance and Economic Development" explains the disappointing performance of resource-abundant countries by extending the growth accounting framework to include natural and social capital. The resulting synthesis identifies two contrasting development trajectories: the competitive industrialization of the resource-poor countries and the staple trap of many resource-abundant countries. The resource-poor countries are less prone to policy failure than the resource-abundant countriesbecause social pressures force the political state to align its interests with the majority poor and follow relatively prudent policies. Resource-abundant countries are more likely to engender political states in which vested interests vie to capture resource surpluses (rents) at the expense of policycoherence. A longer dependence on primary product exports also delays industrialization, heightens income inequality, and retards skill accumulation. Fears of 'Dutch disease' encourage efforts to force industrialization through trade policy to protect infant industry. The resulting slow-maturing manufacturing sector demands transfers from the primary sector that outstrip the natural resource rents and sap the competitiveness of the economy.The chapters in this collection draw upon historical analysis and models to show that a growth collapse is not the inevitable outcome of resource abundance and that policy counts. Malaysia, a rare example of successful resource-abundant development, is contrasted with Ghana, Bolivia, Saudi Arabia, Mexico, and Argentina, which all experienced a growth collapse. The book also explores policies for reviving collapsed economies with reference to Costa Rica, South Africa, Russia and Central Asia. Itdemonstrates the importance of initial conditions to successful economic reform.

Timber Booms and Institutional Breakdown in Southeast Asia

Author : Michael L. Ross
Publisher : Cambridge University Press
ISBN 13 : 9781139432115
Total Pages : 262 pages
Book Rating : 4.4/5 (321 download)

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Book Synopsis Timber Booms and Institutional Breakdown in Southeast Asia by : Michael L. Ross

Download or read book Timber Booms and Institutional Breakdown in Southeast Asia written by Michael L. Ross and published by Cambridge University Press. This book was released on 2001-01-08 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scholars have long studied how institutions emerge and become stable. But why do institutions sometimes break down? In this book, Michael L. Ross explores the breakdown of the institutions that govern natural resource exports in developing states. He shows that these institutions often break down when states receive positive trade shocks - unanticipated windfalls. Drawing on the theory of rent-seeking, he suggests that these institutions succumb to a problem he calls 'rent-seizing' - the predatory behavior of politicians who seek to supply rent to others, and who purposefully dismantle institutions that restrain them. Using case studies of timber booms in Indonesia, Malaysia and the Philippines, he shows how windfalls tend to trigger rent-seizing activities that may have disastrous consequences for state institutions, and for the government of natural resources. More generally, he shows how institutions can collapse when they have become endogenous to any rent-seeking process.

The Impact of Crude Oil in Nigeria. A Blessing Or a Curse?

Author : Nico Grunewalder
Publisher :
ISBN 13 : 9783668139824
Total Pages : 16 pages
Book Rating : 4.1/5 (398 download)

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Book Synopsis The Impact of Crude Oil in Nigeria. A Blessing Or a Curse? by : Nico Grunewalder

Download or read book The Impact of Crude Oil in Nigeria. A Blessing Or a Curse? written by Nico Grunewalder and published by . This book was released on 2016-03-01 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper from the year 2013 in the subject Politics - International Politics - Region: Africa, grade: 1,0, course: International Business, language: English, abstract: How did crude oil affect the economic growth and the poverty of Nigeria? This paper is going to analyze effect of crude oil on the Nigerian economy. We examine the correlation between fuel exports and GDP per capita growth, and poverty headcount ratio between 1960 and 2012. Since the discovery of crude oil in Nigeria the economy of Nigeria has improved, increasing the GDP through the sales of oil barrels abroad. The paper observes that the blessings from crude oil resource in Nigeria at large takes the form of increased government revenues, increased export earnings, the attendant improvement, opportunities and linkage effects in the economy. However the paper is majorly going to focus on the variables between the increased GDP and the increase poverty level. This paper is of the view that crude oil resource is more of curse than a blessing to the Nigerian economy.