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2015•Business and Economics JournalOpen access

Evidence of Petroleum Resources on Nigerian Economic Development (2000-2009)

Usman A Madu

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Abstract

The Study was an Examination of the impact of Petroleum on Nigerian Economy. The sector has been the main source of foreign reserve and development capital for the country. Yet little or nothing is been done to support the sector. The study was based on secondary data. Data was sourced from the Central Bank of Nigeria Statistical Bulletin and National Bureau of Statistics. The data used was a ten years record of GDP and Oil Revenue i.e., 2000-2009. Findings show that petroleum has significant and positive impact on Nigeria economy. The researchers therefore recommend that the sector should be supported so that the country can derive the full benefits of the sector.

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What this paper is about

The Study was an Examination of the impact of Petroleum on Nigerian Economy. The sector has been the main source of foreign reserve and development capital for the country. Yet little or nothing is been done to support the sector. The study was based on secondary data. Data was sourced from the Central Bank of Nigeria Statistical Bulletin and National Bureau of Statistics. The data used was a ten years record of GDP and Oil Revenue i.e., 2000-2009. Findings show that petroleum has significant and positive impact on Nigeria economy. The researchers therefore recommend that the sector should be supported so that the country can derive the full benefits of the sector.

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Available abstract

The Study was an Examination of the impact of Petroleum on Nigerian Economy. The sector has been the main source of foreign reserve and development capital for the country. Yet little or nothing is been done to support the sector. The study was based on secondary data. Data was sourced from the Central Bank of Nigeria Statistical Bulletin and National Bureau of Statistics. The data used was a ten years record of GDP and Oil Revenue i.e., 2000-2009. Findings show that petroleum has significant and positive impact on Nigeria economy. The researchers therefore recommend that the sector should be supported so that the country can derive the full benefits of the sector.

Key concepts: Economics, Petroleum, Macroeconomics, Development economics, Paleontology, Biology

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