Applying it to a barrel of crude refined and either exported or consumed domestically, It means generating employment domestically, paying salaries to the refinery employees who will spend their earnings on satisfying the needs of their households from buying food to purchasing a car to tr...
The slow pace at which the Nigerian economy grew especially in the late 1980s despite the nation's abundant natural resources and large earnings from crude oil and gas production form one of the bases for this study. The objective is to inquire whether there is a causal relationship between ...
A breakdown of foreign exchange inflow, through the CBN, showed that earnings from crude oil export increased by 1.9 per cent to US$10.37 billion, above the level in 2016. “The development was attributed to price and output of crude, both of which rose relative to the preceding period. ...
Natural Resources:petroleum, tin, columbite, iron ore, coal, limestone, lead, zinc, natural gas . Major Industries:crude oil, coal, tin, columbite, palm oil, peanuts, cotton, rubber, wood, hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals,...
motivated by the fact that Nigeria relies heavily on crude oil export revenues, which represents about 90.0 per cent of total export earnings and on average about 70.0 per cent of government revenues in its annual budgets, thereby making it vulnerable to the vagaries of the international oil ...
Given the decline in oil production amid oil theft and vandalism, it expressed doubt whether Nigeria may be able to achieve the targeted earnings from the crude oil sale to fund the 2023 budget. “The narrow non-oil revenue base is not helping the situ...
Still, volatility in global oil prices and the loss of foreign exchange earnings from crude sales presents amajor risk. The IMF has projected the economy toshrink by 5.4 percent in 2020because of the worldwide oil price crash. The petroleum industry hasn’t hesitated to pass along a series ...
Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic...
The national oil company (NOC) had previously controlled crude oil sales while submitting accounts to the federal government. Critics argued that such an arrangement lacked transparency – allowing the oil major to under-report its earnings. 展开 年份: 2024 ...
increased revenue for government in Nigeria, lower oil prices may not necessarily lead to output losses but could actually boost output from other sectors and lead to diversification of the export base, even though the rate of accretion of foreign exchange earnings may be low in the near term....