Includes references(44-49 p.)

'ABSTRACT The economic growth of any country of the world is usually determined by the performance of various sectors that make up the economy. Therefore, Nigeria as an oil producing and dependent country has benefited huge revenue which has been a factor in determining the socio economic and political activities of the country. The recent decline in the price of oil in the international market, has not only drastically reduced the oil revenue of Nigerian of which the economy is solely dependent on, it has also led to the depreciation of the exchange rate of the country which is a very important tool that determine the vibrancy of any given economy. These recent happenings in the Nigerian oil sector is a wakeup call for policy makers and managers of the Nigerian economy to come up with policies that are beyond the economy solely depending on the oil sector. This research gives some recommendations that will be useful in reshaping the Nigerian economy so as to free her from being a prisoner of the oil sector. The study adopted the quantitative method of data analysis using the SPSS statistical application in testing the impact of the fall in oil price on the Nigerian economy. Figures used for this analysis was gotten from the central bank of Nigerian between the period of 2010 to 2015. A correlation and regression analysis was conducted in determining the relationship and significance of the decline in the price of oil on the Nigerian economy. Keyword: oil, price, revenue, exchange, rate, economy, Nigeria.'