Evidence of Petroleum Resources on Nigerian Economic Development (2000-2009)Abdullahi Usman1, Madu Ikemefuna2* and Abdullahi Fatimah2
- *Corresponding Author:
- Madu Ikemefuna
Doctorial Research Candidacies
Department of Business Administration
Nnamdi Azikiwe University, Awka, Nigeria
E-mail: [email protected]
Received date: March 20, 2015; Accepted date: April 09, 2015; Published date: April 16, 2015
Citation: Usman A, Madu I, Abdullahi F (2015) Evidence of Petroleum Resources on Nigerian Economic Development (2000-2009). Bus Eco J 6:149. doi:10.4172/2151-6219.1000149
Copyright: © 2015 Usman A et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
The Study was an Examination of the impact of Petroleum on Nigerian Economy. The sector has been the main source of foreign reserve and development capital for the country. Yet little or nothing is been done to support the sector. The study was based on secondary data. Data was sourced from the Central Bank of Nigeria Statistical Bulletin and National Bureau of Statistics. The data used was a ten years record of GDP and Oil Revenue i.e., 2000-2009. Findings show that petroleum has significant and positive impact on Nigeria economy. The researchers therefore recommend that the sector should be supported so that the country can derive the full benefits of the sector.