Contribution of Petroleum to the Nigeria Economy

Topic Content:

a. Positive Contributions:

i. Foreign Exchange Earnings: Since oil was discovered in commercial or economic quantity in Nigeria, it has remained the major source of foreign exchange earnings for the country.

ii. Major Source of Government Revenue: Over the years, the petroleum sector has generated a lot of revenue for the government.

iii. Employment Generation: The petroleum sector has played a very significant role in employment generation in the country.

iv. Contribution to GDP: This sector has made remarkable contributions to gross national product and gross domestic productGross Domestic Product (GDP) is a measure of a country's national income, representing the total monetary value of all goods and services produced within a country's borders during a specific period,... More.

v. Petroleum has contributed to the external sector