ABSTRACT
The research is on Assessing the Impact of Overdependence on Oil
Revenue to Nigeria Economy. The main objective of this study is to
assess the impact of overdependence on oil revenue to Nigeria
economy. Data for this research were obtained from both primary
and secondary sources. The questionnaire served as the main
instrument for data collection. Interview was also conducted so as to
obtain more data. Data analyses were done through the use of
tabular presentation and percentages. Hypotheses were tested
through Chi-square (X2).
The major findings of this study are as follows:
1. Overdependence on oil revenue has more positive impact than
negative impact on Nigeria’s economic development.
2. Agriculture, Tourism, Taxation & Solid minerals are factors
that could minimize Nigeria’s overdependence on oil revenue.
On the basis of the above findings, the study concludes that
Nigerian economic growth is highly depended on the oil revenue.
Hence, if there is a glut and fall in oil price in international market,
it may be a great disaster on the economy and to the citizenry of the
country.
From the findings of this study, the following are recommendations:
1. The Nigerian government should focus on the need for
diversification into other sources of revenue in order not to be
affected by fall of oil price in the international market.
2. The government should develop other sectors of the economy
such as agricultural sector, and industrial sector by providing
incentives such as tax concession, provision of facilities needed
by these sectors in order to boost more production.
