ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Nigeria is the ninth largest oil exporter in the world in terms of value. For the country, this means that about 90 percent of export value is generated by mineral fuels, oils, and distillation products. The main destination areas of crude oil from Nigeria are Europe and Asia.

Detailed explanation-2: -Nigeria is Africa’s biggest oil producer. But the lack of operational oil refineries has left the industry in crisis, forcing the country to import fuel. Economists say the next government needs to diversify the economy.

Detailed explanation-3: -Nigeria has maintained its position as Africa’s third-largest crude oil producer for October 2022. This is according to data from the monthly oil market report (MOMR) from the Organization of Petroleum Exporting Countries (OPEC) which was released on November 14.

Detailed explanation-4: -Oil is contributing a lot to government revenues but not to the economy as a whole. Nearly 80% of exports is accounted for by oil. That’s why the economy is not growing. Nigeria’s economy grew by 3.54% in real terms in the second quarter of 2022.