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The Contributions of Petroleum to the Nigerian Economy

Positive Contribution a. Foreign Exchange Earnings:Crude oil has been the greatest foreign exchange earner for the country. In 1970, oil contributed 58.1 percent of Nigeria’s foreign exchange earnings, 87. 2 per cent in 1972 and 95. 1 per cent in 1984. In 1983 alone, Nigeria realised 43.6, billion Naira from oil alone. Between 1996 and…

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The Role of the Nigerian National Petroleum Corporation (NNPC) in the Development of the Oil Industry in Nigeria

The emergence of petroleum in the Nigerian economic scene inevitably resulted in government setting up monitoring and control regulations for the industry. In 1970, the Petroleum division of the Federal Ministry of Mines and Power which had been created in 1962, was upgraded to become the Department of Petroleum Resources in the Ministry of Mines…

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The Role of the Organisation of Petroleum Exporting Countries (OPEC)

Its DevelopmentAs the value of oil became glaring, the oil producers realised that they need to form a body, and in 1960, the Organisation of Petroleum Exporting Countries (OPEC) was born with its headquarters in Geneva (Switzerland). OPEC is made up of all the oil producing Third World countries namely, Saudi Arabia, Iran, Libya, Algeria,…

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