The Impact of Non-Oil Revenue on Economic Growth: Empirical Evidence from Nigeria
The Impact of Non-Oil Revenue on Economic Growth: Empirical Evidence from Nigeria

Summary/Abstract: This study looks at the impact of non-oil revenue on Nigerian economic growth from 1981 to 2021.This study adopts endogenous growth model as its theoretical framework. The augmented Dickey Fuller test was used to determine whether each variable was stationary; the results showed that mining revenue is stationary at level, indicating that the series is integrated of order 0 i.e (I(0)), whereas real gross domestic product, agricultural revenue, manufacturing revenue and values added tax revenue are stationary at first difference, indicating that the series is integrated of order 1 (I(1)). Sequel to the result of the unit root test which showed that there is mixed level of stationary among the variables, the study employs ARDL estimation technique which is the technique that accommodates variables with mixed level of stationary. The result found that mining revenue, agricultural revenue, manufacturing revenue and values added tax revenue all contributes positively to economic growth of Nigeria. Based on these findings, Nigerian government should further develop the non-oil sector for it to generate more revenue which will spur economic growth, also the federal government of Nigeria needs to redouble its efforts to ensure the diversification of the nation’s productive sector.

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