Chapter Four
4.1 INTRODUCTION
The data analysis and result interpretation for the dependent variable
and independent variables are presented in this chapter, together with the
Table 4.1 shows the descriptive statistics result of the dependent and
independent variables, indicating data availability for each year from 1980 to
variables' means, medians, and standard deviations are displayed in the table together with their minimum and maximum ranges. The mean (or average) is
the sum of all values divided by the number of observations. For GDP, the
points around the mean. It indicates how much the values deviate from the
average. In this case, the standard deviation is around 137.74 Billion Dollars
for GDP and 76.94 Billion Naira for oil revenue. Higher standard deviations
The minimum represents the smallest value in the dataset. For GDP,
the minimum is 27.75 USD billions, and for oil revenue, it is 19.3 billion
Naira. These values indicate the lowest recorded levels for each respective
variable.
ascending order. It represents the value that separates the lower half from the
upper half of the data. The median for GDP is 97.09 USD billions, and for oil
revenue, it is 45.34 Billion Naira. This value provides insight into the central
USD billions, or 100%, indicating that the OPV of the sampled companies
varies widely. Oil revenue (ORV), an independent variable, The average value
of GDP over the 42-year period is approximately $167.72 billion. For oil
The median GDP value is $97.09 billion, which represents the middle
value when the data is arranged in ascending order. The median oil revenue is
45.34 billion Naira. The lowest recorded GDP value is $27.75 billion in 1993,
while the lowest oil revenue is 19.3 billion Naira in 2021. The highest GDP
value is $574.18 billion in 2014, and the highest oil revenue is 344.71 billion
Naira in 2013. The standard deviation measures the dispersion of data points
the data. For GDP, the standard deviation is $137.74 billion, and for oil
websites and the Central Bank of Nigeria's statistical bulletins for the study
the strength of the link, with higher values suggesting stronger relationships
and lower values indicating weaker relationships. The sign of the correlation
Each variable has a perfect positive linear relationship with itself, resulting
GDP 1.0000GNP 0.9997 1.0000PCY 0.9522 0.9486 1.0000NRV 0.9649 0.9653 0.8770 1.0000OPV 0.8623 0.8631 0.7640 0.9367 1.0000ORV 0.8358 0.8264 0.8832 0.7926 0.7374 1.0000 Source: Computed using E-view 9
Table 4.2 shows the correlation result of the dependent variable GDP, GNP
and PCY and the independent variables NRV, OPV and ORV.
and the independent variable NRV is both positive and strong. This suggests
that, all other things being equal, the higher the NRV, the larger the GDP. With
a coefficient value of 0.9653, or 96.53%, the link between GNP and the
independent variable NRV is both positive and strong. Accordingly, when all
other factors are equal, the higher the NRV, the larger the GNP. With a
coefficient value of 0.8771, or 87.71%, the association between PCY and the
independent variable NRV is both positive and strong. This suggests that, all
other things being equal, the greater the NRV, the higher the PCY.
GDP and the independent variable OPV is both positive and strong.
Accordingly, when all other factors are equal, the greater the OPV, the higher
between GNP and the independent variable OPV is both positive and strong.
Accordingly, when all other factors are equal, the greater the OPV, the bigger
This suggests that, all other things being equal, the greater the OPV, the higher
the PCY.
value of 0.8359, or 83.59%, the ORV is strong and positive, indicating that, all
other things being equal, a greater ORV will result in a higher GDP. The
value of 0.8265, or 82.65%, the ORV is strong and positive, indicating that, all
other things being equal, a greater ORV will result in a larger GNP. With a
coefficient value of 0.8833, or 88.33%, the association between PCY and the
independent variable ORV is strong and positive. This indicates that, all other
things being equal, the greater the ORV, the higher PCY.
which vary from 0% to 100%, show how much of an impact there is. The F
statistics, R2 and corrected R2 of the model are also included in this section.
Const 18.4800 2.1680 0.0372 16.6341 1.9568 0.0586 1396.57 34.0025 0.0000NRV 0.1669 10.1414 0.0000 0.1636 9.9700 0.0000 0.3952 4.9841 0.0000OPV -1.2132 -3.2987 0.0023 -1.1609 3.1651 0.0033 -4.8711 -2.7487 0.0095ORV 0.0121 3.2406 0.0027 0.0101 2.6952 0.0109 0.0962 5.3357 0.0000
2R
The dependent variables in the model are the GDP, GNP, and PCY,
while the independent variables are the NRV, OPV, and ORV. the effects of
coefficient value of 0.1669, which means that an increase in NRV of one unit
while all other variables remain constant will result in a rise in GDP of
16.69%.
NRV by one unit while keeping other variables constant would result in an
constant, would result in a 39.52% rise in PCY. the relationship between the
one unit while all other variables remain constant would result in a 100%
reduction in GDP; the relationship between the independent variable OPV and
implying that an increase in OPV of just one unit while all other variables
one unit while holding other variables constant will result in a rise in PCY of
dependent variable PCY, which has a positive impact with a coefficient value
of 0.0962.
0.9552, and 0.8891. This indicates that while changes in the independent
variables NRV, OPV, and ORV were responsible for 95.81% of the change in
GDP, 95.52% of the change in GNP, and 88.91% of the change in PCY, the
remaining 4.19%, 4.48%, and 11.9% of the change in GDP, GNP, and PCY
were driven by external factors that were not taken into account in the model.
