Back to Course

SS3: ECONOMICS - 1ST TERM

0% Complete
0/0 Steps
  1. Basic Tools for Economic Analysis I | Week 1
    4 Topics
  2. Economic Lessons from Asian Tigers II | Week 2
    6 Topics
    |
    1 Quiz
  3. Human Capital Development I | Week 3
    2 Topics
  4. Human Capital Development II | Week 4
    2 Topics
    |
    1 Quiz
  5. Petroleum and the Nigeria Economy I | Week 5
    3 Topics
  6. Petroleum and the Nigeria Economy II | Week 6
    3 Topics
    |
    1 Quiz
  7. Manufacturing and Construction | Week 7
    3 Topics
    |
    1 Quiz
  8. Services Industries | Week 8
    3 Topics
    |
    1 Quiz
  9. Agencies that Regulate the Financial Market | Week 9
    9 Topics
    |
    1 Quiz
  10. International Trade | Week 10
    8 Topics
    |
    1 Quiz



  • Do you like this content?

  • Follow us

Lesson Progress
0% Complete

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 product.

v. Petroleum has contributed to the external sector of the economy

vi. Foreign policy: The sector has made it possible for Nigeria to conduct affairs on equal terms with other nations of the world.

b. Negative Contributions

i. Shift in attention: Since the discovery of oil in commercial quantity, every national attention has been focused on the sector to the detriment of it.

i. Neglect of the agriculture sector: This has resulted in a shortage of food and agricultural raw materials as well as rural-urban migration.

ii. Social problems such as corruption, robbery and bribery.

iii. Environmental hazards: Oil exploration over the years has had serious negative consequences on the fauna floral and aquatic life of the oil-producing area.

iv. Threat to the country’s corporate existence: The regional factional squabbles over oil have directly threatened the corporate existence of the country as many ethnic groups are calling for self-determination.

Responses

Your email address will not be published. Required fields are marked *

back-to-top
error: