Canadian Social Science
Analysis of the Impact of Non- Oil Sector on Economic Growth
Abstract
In the period of the 1970s, Agriculture was the main stay of the Nigerian economy. The oil boom of 1970s brought about a gradual shift from agriculture to crude oil making Nigeria to depend heavily on petroleum as a main source of foreign exchange earnings. Agricultural sector which use to be the back bone of the economy was rendered competitive over time. The crux of this of this paper is to analyses the impact of non-oil export on the growth of the Nigerian economy. Data were obtained from secondary source mainly from Central Bank of Nigeria Statistical Bulletin, annual reports and statements of account. The ordinary least square (OLS) statistical tool was used to analyze the data. The findings revealed that non-oil export has positive effect on the growth of Nigerian economy during the period under review, though the performances in terms of output level and revenue generation was below expectation. The paper recommended the need to increase production in both agricultural and manufacturing sectors to ensure product availability for both local and export purposes. Also, there is need to complete the export processing zones in earnest to promote the establishment of export oriented firms that will produce solely for export market.
Key words: Exchange rate; Foreign exchange; Oil boom; Revenue
Keywords
References
Central Bank of Nigeria (2006). Annual Reports and Statements of Account. Abuja Nigeria: Government Printing Press.
Fashola, J. (1998). Growth and Development of Nigeria Economy (pp. 105-120). Ibadan: Spectrum Books Ltd.
Federal Ministry of Finance (2007). Statistical Bulletin (Various Issues). Abuja Nigeria: Government Printing Press.
Hirschman, A.O. (1958). Industries on the Growth of Economy (pp. 167-201). New Haven: Yale University Press.
Ibadan, M. (1994). Non-Oil Export in Nigeria (pp. 78-102). Onisha: African FEP Publisher Ltd.
Jhingan, M.L. (1986). A Strategy of Economic Development (pp. 123-301). New Delhi: Vikas Publishing House.
Lyckrwa, R. (1991). Strategies to Set up Local Industries (pp. 111-198). London: Prentice Hall Publishers.
Nafziger, E.N. (1997). The Economic of the Developing Countries (3rd ed.). London, Oxford University Press.
National Bureau of statistics (NBS 2006).
Ojo, M.O. (1993). An Appraisal on the Performance of Non-Oil Exports in Nigeria (pp. 89-104). Lagos: University Press.
Okowononi, V.K. (1995). The Growth of Nigeria Economy (pp. 47-72). Lagos Nigeria: Evans Publishing Company.
Schumpeter, H. (1988). Revamping the Performance of Manufacturing Sub-Sector (pp. 121-295). New York: Macmillan publishing Company.
Todaro, M. (1982). Determinants of Non-Oil Export in Nigeria (1960-1981). The Nigeria Journal of Economic and Social Studies, 42(2), 121–130.
Ukoha, O.O. (2002). Improving the Performance of the Nigerian Manufacturing Sub-Sector After Adjustment Selected Issues and Social Proposals. Nigerian Journal of Economics and Social Studies, 3(8), 91-111.
Yang, S.C. (1965). The Productivity in the Manufacturing Sub-Sector (pp. 96-128). China: MacGraw Hill Company.
DOI: http://dx.doi.org/10.3968/j.css.1923669720120804.1222
Refbacks
- There are currently no refbacks.
Copyright (c)
Reminder
- How to do online submission to another Journal?
- If you have already registered in Journal A, then how can you submit another article to Journal B? It takes two steps to make it happen:
Submission Guidelines for Canadian Social Science
We are currently accepting submissions via email only. The registration and online submission functions have been disabled.
Please send your manuscripts to [email protected]，or [email protected] for consideration. We look forward to receiving your work.
Articles published in Canadian Social Science are licensed under Creative Commons Attribution 4.0 (CC-BY).
Canadian Social Science Editorial Office
Address: 1020 Bouvier Street, Suite 400, Quebec City, Quebec, G2K 0K9, Canada.
Telephone: 1-514-558 6138
Website: Http://www.cscanada.net; Http://www.cscanada.org
E-mail:[email protected]; [email protected]
Copyright © Canadian Academy of Oriental and Occidental Culture 
