Nigeria And Crude Oil

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3 years ago

The overdependence on crude oil funds should be put to check. In Nigeria, our major source of finance for the economy is from crude oil. It high time we diversify our economy

The dependence on oil remains a major challenge for the Nigerian economy. It is an open secret that crude oil is nonrenewable and a wasting asset that would someday be depleted. Consequently, it is unwise to finance development from an exogenous source of revenue

From tell magazine.

We have agriculture, we can also exploit that area in order to have a stand even when there is no crude oil.

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The leaders of Nigeria are yet to accept the fact that crude oil is not a renewable source of revenue. They depend solely on it and Agriculture is becoming a dead idea

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3 years ago

Thanks for the comment

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3 years ago

Crude oil is a liquid fuel source located underground. It is extracted through drilling. Oil is used for transportation, petroleum products, and plastics. The United States and China are two of the largest consumers of oil in the world, totaling 19.4 million barrels per day and 14 million barrels per day, respectively.

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3 years ago

Thanks for the comment

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3 years ago