EFFECT OF OVERDEPENDENCE ON OIL REVENUE ON THE DEVELOPMENT OF NIGERIA ECONOMY.
Abstract
This study was carried out to examine effect of overdependence on oil revenue on the development
of Nigeria economy. The major objective of the study was to investigate the relationship between
the extreme level of overdependence and the overall level of development and the possible factors
that could help diversify the economy and enhance the developmental process. In direct effort to
achieve the objective of the study, four research questions were generated. In accordance with the
research questions, a descriptive survey research design was used for this study while a sample of
One hundred (100) respondents was used to collect information. The sample for the study was
randomly drawn from the residents of Akoko South West Local Government Area of Ondo State
through the convenience sampling technique. A well-structured and self-constructed questionnaire
was the instrument used to collect data. The research instrument has a reliability co-efficient test
of 0.77 after been subjected to Kuder-Richardson 20 Test. Data collected from students’ were
statistically analyzed using frequency count, and percentage wee used to analyse the research
questions. The findings of the study established that Communal disturbances, embezzlement of
funds, high level of corruption, political interference and overdependence on the oil sector are the
major problems encountered by the Nigeria oil sector. It was concluded that high level of
overdependence on oil revenue have a negative effect on the development of Nigeria economy In
view of the findings, it was recommended that Small-scale businesses should be encouraged and
supported to transition to alternative energy sources. This can help mitigate the impact of increased
fuel costs on their operations. Similarly, Governments should establish and promote assistance
programs aimed at offsetting the increased fuel costs for small-scale enterprises. This could include
subsidies, grants, or low-interest loans to provide financial relief and support.
Full-Text Access Notice
In accordance with the NERD Policy on promoting peer-reviewed publication, public access to the full text of a project, thesis or dissertation is restricted for three years, allowing the author and supervisors sufficient time to pursue peer-reviewed publication.
During this period, researchers with legitimate academic or research purposes may request authorisation directly from the author to enable NERD to release the indexed full texts of the work using the form below.