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


  • Olufemi Samuel Adegboyo Federal University Oye Ekiti
  • Olufunke Ajoje Federal University Oye-Ekiti
  • Osmond Agu Federal University Oye-Ekiti


Non-oil export; endogenous growth model; economic growth


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 LMR is stationary at level, indicating that the series is integrated of order 0 i.e  (I(0)), whereas LRGDP, LAR, LMNR, and LVATR are stationary at first difference, indicating that the series is integrated of order 1 (I(1)). ARDL is chosen for estimation since it can account for the variable's broad range of stationarity in this investigation.  According to a regression estimate, agriculture, manufacturing, value-added tax, and mining all contribute to Nigeria's GDP growth. Based on these findings, Nigerian authorities should take steps to encourage local production in the non-oil sector, and the federal government of Nigeria should step up efforts to diversify the country's manufacturing sector. This is because the non-oil industry may have a significant impact on revenue. Nigeria's economic progress has been positively linked to non-oil profits, making it vital to foster and promote this sector.

Author Biographies

Olufunke Ajoje , Federal University Oye-Ekiti

Department of Economics

Osmond Agu, Federal University Oye-Ekiti

Department of Economics


Akpa, A. A., Onuh, S. S., Kabuk, V. E. and Sanni, O.S (2022) Non-Oil Export Earnings and Economic Growth in Nigeria. IRE Journals. Department of Economics, School of Postgraduate Studies, Nasarawa State University Keffi, Nasarwa State, Nigeria. Department of Theology, Albertine Institute, Kafanchan, Kaduna State. School of Business, Villanova University, Villanova, Pennsylvania, USA. 4 Ave Maria University Pyanko, Nasarawa State, Nigeria. Volume 5 Issue 8 | ISSN: 2456-8880.

Ajoje O.I and Adegboyo O.S (2022). Trade protectionism and the manufacturing sector: a review of broder closure policy in Nigeria. Future Business Journal 8(1)

Ajoje O.I, Adegboyo O.S and Aliu Y.M (2022). The impact of monetary policy on private capital formation in Nigeria: Autoregresive Lag Appproach.. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah 10(1)

Agu O.C, Ajoje O.Iand Efuntade O.O (2022). Reassessing the influence of oil on economic growth and some macro-economic indicators in Nigeria. Fuoye Journal of Management, Innovation and Entrepreneurship 1(1)

Bello, L.K. (2022) A Survey on Source of Non-Oil Revenue Generation in Nigeria. International Journal of Advances in Engineering and Management (IJAEM) Volume 4, Issue 7 July 2022, pp: 796-801 ISSN: 2395-5252.

Henry, E. (2021) Effect of Oil and Non-Oil Revenue on Economic Growth of Nigeria. Department of Accounting Abia State University. International Journal of Management Studies, Business & Entrepreneurship Research ISSN: 2545-5893(Print) 2545-5877 (Online) Volume 6, Number 1, March 2021

Nuţă Alina Cristina, Nuţă Florian, Chirilă Viorica, Roman Angela, Puşcă Andy Corneliu (2015). Testing the Relationship between Public Expenditure and Economic Growth in Romania. Œconomica 4 86-102

Oboro, O. G. and Aguwamba, M. S (2022) Non-Oil Sector Product Exports and the Growth of the Nigerian Economy. International Journal of Social Science and Economic Research. Department of Banking and Finance, Faculty of Administration and Management, Delta State University of Science and Technology, Ozoro. Delta State, Nigeria. Department of Banking and Finance, College of Business and Management Studies, Igbenidion University, Okada, Edo State, Nigeria. ISSN: 2455-8834 Volume:07, Issue:03 . 2022.

Ogba, L.J., Park, I. and Nakah, M.B. (2018) The Impact of Non-Oil Revenue on Economic Growth in Nigeria. International Journal of Advanced Research in Accounting, Economics and Business Perspectives, 2, 1-14.

Olayungbo, D.O. and Olayemi, O.F. (2018) Dynamic Relationships among Non-Oil Revenue, Government Spending and Economic Growth in an Oil Producing Country: Evidence from Nigeria. Future Business Journal, 4, 246-260.

Olufemi Adegboyo (2020). The nexus between taxation and Nigerian economic growth. Skyline Business Journal. 61(1). 55-67.

Omesi, I.D; Ngoke, O.S & Ordu, P. A.(2020) , Non-Oil Revenue And Economic Development Of Nigeria. Department of Accounting, Faculty of Business Studies, Ignatius Ajuru University of Education, Rumuolumeni, Port Harcourt, Nigeria. International Journal of Innovative Development and Policy Studies. 8(1) 91-99 2020 ISSN :2467- 8465.

Nuță A-C, Nuță F-M. Modelling the Influences of Economic, Demographic, and Institutional Factors on Fiscal Pressure Using OLS, PCSE, and FD-GMM Approaches. Sustainability. 2020; 12(4):1681.

Ude,D.K. and Agodi,J.E (2014) Investigation of the Impact of Non-Oil Revenue on Economic Growth in Nigeria. International Journal of Science and Research,3,2571-2577.

Salami, G.O., Amusa, B.O. and Ojoye, O.F. (2018) Empirical Analysis of the Impact of Non-Oil Revenue on Economic Growth: Nigerian Experience. International Journal of Economics, Commerce and Management, 6, 263-276.

Wadike, C , Osirim .,M, Gospel., J . (2022) Evaluating the impact of non-oil tax revenue on Nigerian economic performance. International Journal of Multidisciplinary Research and Growth Evaluation. ISSN (online): 2582-7138 Volume: 03 Issue: 01 January-February 2022




How to Cite

Adegboyo, O. . S., Ajoje , O., & Agu, O. (2023). The Impact of Non-Oil Revenue on Economic Growth: Empirical Evidence from Nigeria. EuroEconomica, 42(2), 158–168. Retrieved from




Most read articles by the same author(s)