Analysis of the Impact of Oil Revenue on the Nigerian Economy

Oil revenue is indeed an important component of economic growth of the recipient nations.Therefore, most of the oil-rich nations invest the revenue from the oil sector into the non-oil sectors for strategic reasons.However, over the past five decades there has been a blur in the practicality to fulfilling this purpose in the context of Nigerian economy.So far, there is high inconsistency on the utulisation of such oil revenue in Nigeria.Using a multivariate regression analysis, this study aims at critically analysing the impact of oil revenue on the Nigerian economy.Findings indicate a high insignificance in establishing the flow of oil revenue into the key economic sectors in Nigeria.