Abstract: Objective: This study examined the relationship between oil price and economic growth in Nigeria using annual time series data for the period 1974-2014 sourced from Central Bank of Nigeria (CBN) statistical bulletin, OPEC and world bank for the year 2014. Methodology: Non-probability sampling method in the form of availability sampling technique has been applied in selecting the number of years covering this study. Dickey-fuller generalised least squares unit roots test has been applied in testing for stationarity of the variables and granger causality test adopted for testing the direction of causality. Results: The findings indicate that, there is no long-run relationship among the variables. However, granger causality test indicate a significant unidirectional causality running from oil price to economic growth in the short run. In addition, there is a significant positive unidirectional causality running from human capital to economic growth in Nigeria. Also, the findings indicate a significant positive unidirectional causality running from oil price to total exports in Nigeria. Conclusion: The study therefore, recommends stability of oil price in order to achieve high economic growth in the short run, substantial amount of government budgetary allocation should be directed towards educational sector in order to strengthen economic growth through human capital in the short run. Finally, measures to maintain higher oil price and stability in the world market should be adopted so as to increase the volume of oil export which will eventually lead to increase in total exports.