Analysis of the Impact of Non- Oil Sector on Economic Growth
In the period of the 1970s, Agriculture was the main stay of the Nigerian economy. The oil boom of 1970s brought about a gradual shift from agriculture to crude oil making Nigeria to depend heavily on petroleum as a main source of foreign exchange earnings. Agricultural sector which use to be the back bone of the economy was rendered competitive over time. The crux of this of this paper is to analyses the impact of non-oil export on the growth of the Nigerian economy. Data were obtained from secondary source mainly from Central Bank of Nigeria Statistical Bulletin, annual reports and statements of account. The ordinary least square (OLS) statistical tool was used to analyze the data. The findings revealed that non-oil export has positive effect on the growth of Nigerian economy during the period under review, though the performances in terms of output level and revenue generation was below expectation. The paper recommended the need to increase production in both agricultural and manufacturing sectors to ensure product availability for both local and export purposes. Also, there is need to complete the export processing zones in earnest to promote the establishment of export oriented firms that will produce solely for export market.
Key words: Exchange rate; Foreign exchange; Oil boom; Revenue
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