ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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precious minerals
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crude oil
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fruits and veggies
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None of the above
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Detailed explanation-1: -While Nigeria does export and doesn’t have a closed economy its export revenue is made up of 86% crude petroleum exports.
Detailed explanation-2: -The importance of crude oil in Nigeria is massive because oil generates about 5.9% to 9% of the country’s GDP and over 95% of Nigeria’s export revenue. Nigeria is the leading oil exporting country in Africa and eighth in the world.
Detailed explanation-3: -The most economically valuable minerals are crude oil, natural gas, coal, tin, and columbite (an iron-bearing mineral that accompanies tin). Petroleum, first discovered in 1956, is the most important source of government revenue and foreign exchange.
Detailed explanation-4: -Nigeria’s non-oil sector accounts for about 93.67 percent of the GDP, while the oil sector accounts for 6.63 percent but the oil sector accounts for over 95 percent of export earnings, according to data from the National Bureau of Statistics.