ECOLOGY
ENVIRONMENTAL ISSUES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mineral resources
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Oil reserves
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Timber
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Commercial agriculture
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Detailed explanation-1: -Petroleum, first discovered in 1956, is the most important source of government revenue and foreign exchange. Most of the oil output comes from onshore fields in the Niger delta, although an increasing proportion of the crude is produced at offshore locations.
Detailed explanation-2: -The oil sector provides for 95% of Nigeria’s foreign exchange earnings and 80% of its budgetary revenues.
Detailed explanation-3: -That enormous population–by far the largest in Africa–means that Nigeria’s economic future is especially important. Unfortunately, Nigeria’s economy is dependent on natural resources, particularly oil.
Detailed explanation-4: -Nigeria has proven reserves equivalent to 237.3 times its annual consumption. This means that, without Net Exports, there would be about 237 years of oil left (at current consumption levels and excluding unproven reserves).
Detailed explanation-5: -Today, Nigeria has risen very fast and steadily to host the world’s 10th largest reserves at about 25 billion barrels.