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 revenue, foreign exchange earnings, and job creation. However, over-reliance on this sector has made the economy vulnerable to global oil price fluctuations, often impacting economic stability and growth. Additionally, issues such as environmental degradation and social unrest in oil-producing regions further complicate the sector's overall impact on the economy.