During the Second Republic, Nigeria experienced a boom in which sector?
Answer Details
During the Second Republic in Nigeria, the sector that experienced a significant boom was oil and gas.
Oil and gas became the main driver of Nigeria's economy during this period. Nigeria possesses vast reserves of oil, and its production and exportation increased significantly during the Second Republic. This boom in the oil and gas sector brought about a surge in revenue for the country.
The exploration and production of oil created numerous job opportunities and attracted foreign investment. As a result, the economy experienced rapid growth, and there was an increase in infrastructure development, such as roads, schools, and hospitals.
The revenue generated from the oil and gas sector also played a crucial role in funding government projects and programs. However, it is important to note that the over-reliance on oil revenue also led to neglect and underdevelopment in other sectors, such as agriculture and manufacturing.
Overall, the boom in the oil and gas sector during Nigeria's Second Republic had a profound impact on the country's economy, transforming it into one of the largest oil producers in Africa and a major player in the global oil industry.