Economies dominated by hydrocarbons possess certain characteristics not shared by other economies because their economic dynamics are mainly determined by the prices of oil and gas at world markets. Over the last decade, oil-dependent countries have been promoting diversification towards the non-oil sector. In particular, significant priority has been given to the financial sector. To this end, this paper explores the impact of bank credit in the growth of oil-rich economies and tests if it differs in the emerging non-oil sectors. The study utilizes both the panel contegration and pooled mean group estimators for 28 oil-dependent countries over the period 1990-2012. The findings suggest that bank credit significantly increases GDP per capita but has no impact on non-oil GDP per capita. The economic potential of non-natural resource sectors is great and the resources remain largely untapped.