Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Oil revenues, External debt, and Growth in Nigeria

Version 1 : Received: 4 December 2017 / Approved: 4 December 2017 / Online: 4 December 2017 (17:33:46 CET)

How to cite: Adamu, I.M. Oil revenues, External debt, and Growth in Nigeria. Preprints 2017, 2017120028. Adamu, I.M. Oil revenues, External debt, and Growth in Nigeria. Preprints 2017, 2017120028.


Oil revenues and external debt might have stimulated economic growth in the oil exporting countries via investment in capital projects. The paper estimated economic growth on oil revenues and external debt after controlling public investment and population growth over the period 1970-2015. Following the confirmation of the order of integration, our analysis is based on autoregressive distributed lag bound testing to cointegration approach. The key findings are that oil revenues and public investment contributes to Nigeria’s economic growth. However, our findings also indicate that external debt and population growth retards growth. The study suggests that minimizing fiscal deficits and unnecessarily foreign loans by creating tax avenues through the development of the non-oil sectors would reduce the dependency syndrome on a single commodity (oil) in Nigeria.

Supplementary and Associated Material


Oil revenue; External debt; Economic growth; ARDL


Business, Economics and Management, Economics

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