INTERRELATIONSHIP BETWEEN CONTRIBUTIONS OF NON-OIL SECTORS REVENUE TO ECONOMIC GROWTH IN NIGERIA
Abstract
This study investigates the interrelationship between contributions of non-oil revenue to economic growth in Nigeria from 1981 to 2018 with the aim of finding the degree of the interrelationship among environmental, information and communication technology, financial, power, health and wholesale, retail sectors’ revenue and economic growth in Nigeria. The study employed vector autoregressive estimate and VAR Granger causality test as the major estimation techniques. The time-series data for the study on environmental sector revenue, information and communication technology sector revenue, financial sector revenue, power sector revenue, health sector revenue, wholesale and retail sector revenue and real gross domestic product were sourced from the Central Bank of Nigeria’s Statistical Bulletin and World Development Index. The study found that there is an interrelationship among environmental, ICT, financial, power, wholesale and retail, health sector revenue and economic growth in Nigeria. Therefore, it can be said that the non-oil sector significantly contributed to the growth of the Nigerian economy. Based on the findings of the study, it is recommended that the Government should be consistent with policies that will bring about sustainable growth in non-oil revenue, thereby enhancing economic growth better.
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