This study examines the conceptual impact of oil price volatility on Nigeria economic growth. The impact of oil price volatility on the economy has occupied the attention of researchers for almost four decades. Majority of studies support the existence of a negative association while other studies suggest otherwise. The methodology used was purely exploratory. It is a library research which entails review of both conceptual and empirical literature which forms the basis for the study’s conclusion and recommendations. Based on the empirical review of various studies carried out by different researchers, this study is in agreement with the works of those scholars which reviews that there is significant (that is positive) relationship between oil price volatility and Nigeria economic growth. This implies that oil price changes determines government expenditure level, rate of inflation, level of unemployment, which in turn determines the growth of the Nigerian economy. Considering the destabilizing effects of oil price fluctuations on economic activity and government spending in Nigeria, the study makes some recommendations which includes that the country should diversify its export revenue base as a means of minimising reliance on crude oil and petroleum product thereby diversifying to agriculture, operations of budgetary, fiscal prudence , corporate governance, encourage savings and proper accountability. This will further protect the economy from the impact of oil price volatility on the economy, and thus prevent the effect of the shocks from attaining a statistical significance level.