The stability of Nigerian economy depends mainly on the export price of

Answer Details

The export price of mineral oil, also known as crude oil, is the main factor that determines the stability of the Nigerian economy. Nigeria is one of the largest exporters of crude oil in the world and the revenue generated from the sale of crude oil accounts for a significant portion of the country's GDP. Therefore, fluctuations in the international price of crude oil can have a significant impact on the Nigerian economy. If the price of crude oil is high, Nigeria can earn more revenue, which can be used to finance developmental projects and boost economic growth. However, if the price of crude oil is low, it can lead to a decline in revenue, which can result in economic instability and a decrease in the standard of living of the Nigerian people.