A critical Evaluation of Implications of Oil Revenue for Nigeria Economic Growth 1989 to 2018

The implication of oil revenue on Nigeria’s economic growth between 1989 and 2018 was examined in this study. Secondary data from statistical bulletin of Central Bank of Nigeria (CBN) was used in this study. Multiple regression technique of the IBM Statistical Package for Social Sciences (SPSS) version 23 was used in analyzing the data for this study. Findings from the analysis revealed that revenue from oil positively and significantly impacted on Nigeria’s economic growth. It is imperative given the importance of the oil sector of the economy for the government to invest more in the sector and encourage local participation. However, because of reducing revenue from this sector, the government should revitalise the agricultural sector, the country’s cash cow before discovery of petroleum.