Question on: JAMB Economics - 2024
The contribution of petroleum to the economy of Nigeria is most prominent in the area of
A
revenue generation
B
infrastructural development
C
fuel provision
D
employment generation
Ask EduPadi AI for a detailed answer
Correct Option: A
The contribution of petroleum to the Nigerian economy is most prominent in the area of revenue generation. Here's why:
- Revenue Generation: Petroleum (crude oil and natural gas) is Nigeria's primary export. The sales of these resources generate significant revenue for the government, crucial for funding public services and infrastructure development.
- Infrastructural Development: While petroleum revenues contribute to infrastructure, it is not the most prominent area.
- Fuel Provision: Petroleum provides fuel for domestic consumption. However, revenue generation is a more significant contribution to the economy.
- Employment Generation: The petroleum sector generates employment, but it is not its most prominent contribution.
Add your answer
Please share this, thanks!
No responses