A Comparative Analysis on the Role of Crude Oil and Non-Oil Exports on Nigerian Economy
A Comparative Analysis on the Role of Crude Oil and Non-Oil Exports on Nigerian Economy

Author: James Leekaaga Fiiwe

Publisher:

Published: 2017

Total Pages: 20

ISBN-13:

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Oil export and nonoil export have remained sources of revenue for Nigeria over the years, however the over dependence on oil sector and neglect of the nonoil sector has raised issues on which export sector impacts more on the Nigeria economy. This study therefore carried out comparative analysis on the role crude oil export and nonoil export in relations to Nigeria's economic growth. Data were collected from CBN statistical bulletin from 1980-2015. OLS, Augmented dickey fuller, co-integration and error correction model were used to analyze the data. Findings suggest that both oil export sector and nonoil export sector have positive impact on GDP. The ADF showed that all the variables are stationary at first order of difference while the co-integration shows that two cointegrating variables. The error correction model indicates that oil export sector and nonoil export sector have long run relationship with Nigeria's GDP. It concludes that nonoil export has greater impact on the economy than the oil export sector for the period under review. Based on the findings, it is recommended that the government should implement export diversification policies. Non-oil sector exports should be encouraged. The development of the nonoil export sector will further improve the volume of exports and balance of trade in Nigeria.

Nigeria - U.S. Trade Relations in the Non-Oil Sector
Nigeria - U.S. Trade Relations in the Non-Oil Sector

Author: Gbadebo Olusegun Odularu

Publisher: Universal-Publishers

Published: 2008-11

Total Pages: 199

ISBN-13: 1599427036

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In as much as trade fosters economic development, it also exacerbates poverty, especially in the sub Saharan African (SSA) countries. Against this backdrop, this study will increase our understanding of the estimation of non-oil commodity trade flows between Nigeria and the U.S. More specifically, the study aims to analysing the impact of African Growth Opportunity Act (AGOA) on the U.S. imports of non-oil products from Nigeria. The research objectives are woven around the following questions: - What is the nature of Nigeria's and the U.S.'s foreign trade policies with particular reference to non-oil trade? - What are the patterns, magnitude, composition and trends in Nigeria-US non-oil trade? - Which economic sectors possess greatest potential for fostering trade in the non-oil sector between Nigeria and the U.S.? - What is the impact of AGOA on the diversification and growth of non-oil exports in Nigeria? This study adopts the difference-in-differences (DiD) as the research methodology. Within the Nigerian context, DiD intuitively compares the trends in imports of AGOA non-oil products before and after AGOA with the pattern of imports of non-AGOA non-oil products before and after AGOA, controlling for the timing of AGOA, import capacity and economic performance of both U.S. and Nigeria. Using the World Trade Organisation (WTO) Integrated Data Base (IDB), the empirical analysis reveals that AGOA non-oil products increased by as much as 182 percent with the implementation of AGOA, while the non-AGOA non-oil products fell by 76 percent. Conclusively, AGOA has had a considerably positive impact on the Nigerian non-oil sector at the general level. The policy implication of the empirical analysis is the need for the U.S. to expand the product coverage and opportunities of AGOA non-oil products in order for AGOA to achieve its objectives of using trade as a potent tool for promoting economic growth in SSA.

The Nigerian Oil Economy
The Nigerian Oil Economy

Author: J. K. Onoh

Publisher: Routledge

Published: 2017-09-05

Total Pages: 143

ISBN-13: 1351390031

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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.

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

Author: Irina Romanova

Publisher: GRIN Verlag

Published: 2007-02-03

Total Pages: 33

ISBN-13: 3638605841

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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 Linkage between the Oil and Non-oil Sectors
The Linkage between the Oil and Non-oil Sectors

Author: Nir Klein

Publisher: International Monetary Fund

Published: 2010-05-01

Total Pages: 27

ISBN-13: 1455200778

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Recent empirical studies have shown an inverse relation between natural resource intensity and long-term growth, implying that the natural resources generally impede economic growth through various channels (the “natural resource curse”). This paper departs from these studies by exploring the intersectoral linkages between oil and non-oil sectors in a cross-country perspective. The paper shows that the applicability of “natural resource curse” across oilbased economies should be treated with caution as the externalities of the oil sector highly depend on the countries’ degree of oil-intensity. In particular, the results show that, in low oil-intensity economies, the incentives to strengthen both fiscal and private sector institutions lead to positive inter-sectoral externalities. In contrast, weaker incentives in high oil-intensity economies adversely affect fiscal and private sector institutions and consequently lead to negative inter-sectoral externalities.

Nigeria
Nigeria

Author: Sarah Ahmad Khan

Publisher:

Published: 1994

Total Pages: 256

ISBN-13:

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Nigeria is the most populated nation on the African continent and contains a vast wealth of natural resources. It is the largest petroleum producer in Africa, and a key exporter of oil to both Western Europe and the US, and yet the political economy of Nigeria remains one of gross indebtedness, inefficiency and mismanagement. Here, the author brings together these issues in a far-ranging account of the Nigerian oil industry. She explores the fraught relationship between the government and foreign oil companies, the financial constraints on domestic investment, and the tragic lessons of an economy dependent on oil. This is a fascinating look at the problems of this developing country trying to exploit its natural resources, and will be of interest to scholars of development studies and international business.

The Impact of Oil on a Developing Country
The Impact of Oil on a Developing Country

Author: Augustin Ikein

Publisher: Praeger

Published: 1990-12-11

Total Pages: 336

ISBN-13:

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This study provides a comprehensive and balanced analysis of the impact of the oil industry on a particular developing country--Nigeria--over a period of 32 years. Ikein uses a multidimensional approach that enables him to identify the linkage between the performance of the oil industry and the pattern of Nigeria's national and regional development. Through an in-depth examination of the various socioeconomic factors thought to influence the social well-being of a group of people, he explores whether and how the Nigerian people have been helped by the supposed benefits of oil on their economy, challenging those who see benefits in purely economic terms