Abstract: It has been a major concern among researchers to investigate the impact of oil export revenue on economic growth, especially in oil exporting countries. Employing an Error Correction Model, this study examines the effect of oil export revenue on economic growth in Nigeria between the period of 1975 and 2009 given concentration to both short-term and long-term effects. The empirical analysis suggests that oil export revenue has a significant positive effect on economic growth both in the short-term and long-term. The extension of this study concentrates on the trend analysis of prices, export (barrels) and revenue from oil industry. The findings established that the primary determinant of foreign exchange earnings in Nigeria is changes in the world crude oil prices.