Abstract:

Crude oil serves as primary source of other viable goods such as petroleum, diesel fuel, petrochemical waxes and this serve as key source of revenue to most sub-Saharan African countries. This study therefore evaluated the relationship of oil revenue and inflation rate and economic growth of sub-Saharan Africa countries between 2012 to 2019. The study employed the simple linear regression technique and also examined the short-run and long run impact of oil revenue on economic growth and unemployment in sub-Saharan Africa. In the long run estimation, all the variables in the long run were significant at 5 percent level of significance. Petroleum rent (PETROLEUM) has a negative impact on unemployment rate (UNE). However, the result is not what we perceive in reality but theoretically right. Despite the increase in their respective petroleum rent, several of these countries still confront significant unemployment rate which may be as a result of the undiversified nature of these sub-Saharan African state. Inflation rate has a negative impact or inverse effect on Unemployment is logically possible.  GDP has a negative influence on unemployment. This study therefore advocated a strong need for diversification of sub-Saharan Africa Economies by strengthening of other productive sectors such manufacturing sector, service sector to enhance it position of balance of payment and reduce unemployment and finally economic growth.