Indices of Substitutability between Oil and Non-Oil Sources in Nigeria's Revenue Base.
Okafor S.O. (2002). Indices of substitutability between oil and non-oil revenues in Nigerian economy. Social Sciences Research, 2(1):153-171.
21 Pages Posted: 30 Jun 2016
Date Written: July 15, 2002
The study is aimed at determining the extent of substitutability between oil and non-oil sources in Nigeria revenue base. The study is hinged around the premise that there are alternative source of revenue which could yield revenues sizable enough to induce Nigeria to reduce dependence on oil sector. CBN (1996). Statistical bulletin yielded the data. Essentially a qualitative approach, data were analyzed using means, standard deviation, coefficient of variation, percentage and time series. Results indicate that:
(i) The contributions of non-oil sectors exerted a more considerable impact on FG total revenue than did oil sources under sap.
(ii) Oil and non-oil sources were complements not substitutes.
(iii) Non-oil sources were fully exploited.
Based on these findings it was concluded that through total exploration and exploitation of oil and non-oil potentials in the country, the FG should develop adequate revenues for its developmental activities.
Keywords: Indices, Substitutability, oil and non-oil, Nigeria’s Revenue Base
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