One of the reasons why Nigeria is a mono-econom... - JAMB Economics 2017 Question
One of the reasons why Nigeria is a mono-economy is because of her _______
A
huge volume of petroleum activities in the country
B
diversification system of economic activities
C
high demand for foreign commodities
D
high rate of unemployment
correct option: a
A mono-economy is an economy relying on one major export or natural resources to bring most
of the currency into the country.
Nigeria is dependent on crude oil. Before now, agriculture and mining were the primary drivers of
Nigeria’s economy but these has been abandoned since the 70’s as a result of the discovery of oil.
Nigeria is now a mono-economic country that is, now relies solely on crude oil as her major source
of revenue.
of the currency into the country.
Nigeria is dependent on crude oil. Before now, agriculture and mining were the primary drivers of
Nigeria’s economy but these has been abandoned since the 70’s as a result of the discovery of oil.
Nigeria is now a mono-economic country that is, now relies solely on crude oil as her major source
of revenue.
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