BIOMETRIC ANALYSIS ON THE IMPACT OF OIL AND NON - OIL REVENUE ON NIGERIA ECONOMY
Abstract
This study examines the impact of oil and non-oil revenue on the Nigerian economy using econometric (biometric) analysis. Nigeria, being heavily dependent on oil revenue, has experienced fluctuations in economic growth due to volatility in global oil prices. This research analyzes time-series data to evaluate the relationship between oil revenue, non-oil revenue, and key economic indicators such as Gross Domestic Product (GDP). Statistical tools, including regression analysis, were employed to determine the significance and strength of these relationships. The findings reveal that while oil revenue has historically contributed significantly to economic growth, it is highly unstable and exposes the economy to external shocks. Conversely, non-oil revenue demonstrates a more stable and sustainable contribution to economic development. The study concludes that economic diversification is essential for long-term growth and recommends strengthening non-oil sectors such as agriculture, manufacturing, and services.
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