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GCE Economics 1990 Question 17

Question 17

Natural Resources and Petroleum

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the

  1. A.ECOWAS
  2. B.IMF
  3. C.OPEC
  4. D.NNPC
  5. E.ECA.
Show the answer and explanation

Answer: C (OPEC)

Explanation

As a member of OPEC, Nigeria follows OPEC's agreed prices and production quotas.