Question

How does oil and gas production impact Nigeria’s economy?
Answers must be 2-3 Sentences

Answer 1

Oil and gas production is a cornerstone of Nigeria’s economy, contributing significantly to government revenues and accounting for a substantial portion of the country’s GDP. This sector attracts foreign investment and creates employment opportunities, but it also has downsides, such as environmental degradation and economic over-reliance, making the economy vulnerable to global oil price fluctuations. Consequently, while oil and gas bolster Nigeria's financial landscape, they also pose challenges that necessitate diversification for sustainable growth.