Theory question 112
Economic Growth and DevelopmentSection B: answer four questions only from this section.
Describe the contributions of natural resources to the economy of your country.
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Model answer
Source of foreign exchange (crude oil, cocoa, timber, solid minerals)
Source of government revenue (royalties, rents, taxes)
Provide employment
Supply raw materials for industries
Provide energy (oil, gas, coal, hydro-electric power)
Land provides food for the population
Attract foreign investment
Encourage development of infrastructure and towns
Contribute to national income (GDP)
Explanation
Describe at least five contributions, with Nigerian examples.