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JAMB Economics 1998 Question 29

Question 29

Natural Resources and Petroleum

The petroleum industry in Nigeria is

  1. A.the sole source of the nation's revenue
  2. B.the oldest industry in the country
  3. C.the mainstay of the economy
  4. D.a factor in the decline in the nation's foreign reserves.
Show the answer and explanation

Answer: C (the mainstay of the economy)

Explanation

Oil earns most of Nigeria's foreign exchange and government revenue, so it is the mainstay of the economy (but not the sole source of revenue).