The major source of Nigeria's foreign exchange is the export of?

Assessment: JAMB UTME - Economics - 1995 Subject: Economics

Question 1 Report

The major source of Nigeria's foreign exchange is the export of?
Answer Details
The major source of Nigeria's foreign exchange is the export of crude oil. Nigeria is one of the largest producers of oil in Africa and is a member of the Organization of the Petroleum Exporting Countries (OPEC). Crude oil exports account for a significant portion of Nigeria's gross domestic product (GDP) and government revenue. While Nigeria has a diverse range of natural resources, including palm kernel, cocoa, groundnuts, and cotton, the largest contributor to Nigeria's foreign exchange earnings is crude oil. Skilled manpower is also an important resource for Nigeria, but it is not a major source of foreign exchange earnings. Therefore, the answer is: crude oil.
Read lesson note on Petroleum And The Nigerian Economy (JAMB)
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