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SS3: ECONOMICS - 1ST TERM

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  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



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Nigeria National Petroleum Company

The Nigeria National Petroleum Company is a body that deals with the management and development of Nigeria’s petroleum resources. The NNPC was established in 1977. The company is in charge of the exploration, distribution, production, marketing, and refining of petroleum products. The NNPC is one of the government’s economic diversification programmes using earnings from oil. The corporation was able to accomplish the government policy of maintaining steady rates of oil production.

Role of NNPC in the Production Refining and Marketing of Petroleum Product in Nigeria

1. Regulatory Role: NNPC was set up to provide the needed frame work in regulating the activities of the oil companies operating in Nigeria 

2. Oil Refining: One of the organization’s functions is to supervise the refining of oil in the country.

3. Marketing Role: NNPC is to enable and ensure steady marketing to the petroleum product in the country

4. Oil Exploration: One of the main functions of NNPC is to be involved in oil exploration.

5. Employment: NNPC was equally established to provide employment opportunities for Nigerians.

6. NNPC is responsible for man power training of the country.

Achievements of NNPC 

1. Nigeria National Petroleum Corporation was able to increase the level of oil production.

2. In the area of refining there is an improvement on capacity utilization.

3. NNPC was able to strengthen the upstream activities of the country.

4. The supply and distribution of petroleum resources is effective.

5. It has improved different sectors of the industry.

Ways to Achieve Internal Economies of Scale by the Nigeria National Petroleum Corporation

i. Nigeria National Petroleum Corporation should ensure the use of sophisticated machines, employ more people in order to increase output.

ii. The corporation should provide better welfare facilities 

iii. Effort should be made to initiate a policy that will take care of research and organise in-service training for workers. 

Evaluations Questions

1. State the reasons for the negative contributions of petroleum in Nigeria.

2. Mention the roles of Nigeria National Petroleum Corporation. 

Responses

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