Examine Critically The Extent To Which Petroleum Products Affect The Nigerian Economic Growth

Examine Critically The Extent To Which Petroleum Products Affect The Nigerian Economic Growth

Introduction

The petroleum industry is still the prime mover and the energy source of Nigeria economy. It increasingly play important role in our daily lives, homes and environment. The spin-off effects of its downstream activities have become noticeable, as its importance over the years.

These importance have been largely in the area of energy for powering productive activities, industrialization through the provision of industrial input as well as employment generation or opportunities.

Prior to Independence in 1960, agricultural sector dominated the provision of food income and labor force of the Nigeria’s populace. Agricultural sector accounted for the nation’s growth rate of 5% per annum across the 1950 and 1960s.

In 1960, agricultural sector contributed triple what the petroleum sector contributed to the country’s GDP, Foreign exchange earnings, the national income investment etc. Oil is a major source of energy in Nigeria and the world in general.

References

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