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    OIL RESOURCE WEALTH: IMPACTS ON NIGERIA’S ECONOMIC GROWTH
    (Університет імені Альфреда Нобеля, 2020) Onuche, Samuel
    In this paper we analyze the studies on natural resource and how its ampleness has proven that countries rich in resource tend to not perform great in terms of economic growth; an enigma which is known as the ‘resource curse’. Much of the research uses econometric figures to assume the economic performance of a collection of countries rich in resource. Therefore, we build on earlier literatures to consider the effectiveness of resource wealth on Nigeria’s economic growth as a case study. We will be examining the channels through which resource curse infiltrates, and latest surveys that tests for impact in a cross-country setting. Our reflection of earlier claims and correlation tests shows that oil resource wealth affects growth negatively. Using expenditure figures as measure of human capital accumulation, a downward trend in budgetary quota is visible compared to administrative expenditure and debt stock. Secondly, increasing natural resource simultaneously attracts more foreign direct investment than traded sectors. Thirdly, in trade barter terms, commodity exports indicate heavy reliance on primary commodities (agriculture and fuels) making the economy prone to price fluctuation. We document a volatile real exchange rate (appreciating and depreciating) when oil price/revenue adjusts. Finally, we test for institutional analysis and record considerable negative impact evidenced in recent growth performances due to the system’s corruption, instability and institutional inefficiency.