Economic Impact Of Oil On The Nigerian

Nigeria and China happen to be close allies in bilateral trade and it is only normal that a reduction in goods and services in China will cause a reduction in commodity sales with a price hike in Nigeria. The International Centre for Investigative Reporting ICIR has given a list of the major sectors that are likely to get affected during the viral outbreak: Impact on oil price in Nigeria Due to a fall in global oil demand in the bid to contain the viral spread, there is bound to be a fall in the revenue being generated from oil exports, which in turn can lead to inflation in the country.

Impact on trade between China and Nigeria Due to the lockdown of workers and companies in China, there has been a reduction in exports. Impact on Foreign Exchange The fall in oil prices as the demand reduces tends to make foreign exchange insufficient to fund imports. Impact on Foreign Borrowing Due to the reduced production of goods and the negative impacts of COVID on the Chinese economy, it is unlikely that the Nigerian government will be getting the requested loan when needed.

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Background to the Study Crude oil is one among other natural resources endowment in a nation by nature. Natural resources are often regarded as free gifts of nature. All over the world, different countries are endowed differently with different resources, both in quality and quantity, to some less and others in abundance. Nigeria is one among these countries that is richly blessed with vast natural resources, such as: forests, lands, fresh and salt water, sands, coal, Iron-ore, natural gas, aluminum, non- mineral energy source of solar, crude oil which is our subject matter among others. Crude oil was first discovered in united state US in , which was sold on a large scale in the s. In Nigeria, the search for crude oil started within and by the Nigerian Bitumen Corporation NBC who on their search found 16 shallow wells, confirming a line of oil seepage in the Eastern Dohomey Basin in Okitipupa, Western Region of Nigeria. The NBC could not go far with its search due to the outbreak of the First World War in which distorted their activities.

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The networked economy of the artisanal oil industry in the Niger Delta, SOAS-ACE Economic Impact Of Oil On The Nigerian.

2022-07-08

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Economic Impact Of Oil On The Nigerian

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Seems impossible: Economic Impact Of Oil On The Nigerian

Economic Impact Of Oil On The Nigerian Video

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