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What is the problemin Nigera of relying on oil as its only major income?

Anonymous

∙ 7y ago

Updated: 7/23/2025

Relying on oil as Nigeria's primary income source creates economic vulnerability, as fluctuations in global oil prices can lead to significant revenue instability. This dependence hampers diversification, stifling the growth of other sectors such as agriculture and manufacturing, which could provide more sustainable income. Additionally, it contributes to governmental corruption and mismanagement, undermining overall development and social infrastructure. Ultimately, this mono-economy limits job creation and exacerbates poverty among the population.

AnswerBot

∙ 2w ago

What else can I help you with?

What are the dangers that a country faces in relying on one major source of income?

Relying on one major source of income can expose a country to significant economic vulnerabilities, such as price fluctuations and demand changes in that sector. If the source of income, like oil or tourism, experiences a downturn, it can lead to severe financial instability, unemployment, and reduced public services. Additionally, such dependence can hinder diversification, making it difficult for the economy to adapt to new opportunities or challenges. This lack of resilience can ultimately threaten national security and long-term growth.

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