Nigeria’s economy is almost entirely dependent upon
Service industries
Energy production
Agriculture
Manufacturing
all of the above
Theres not an all of thee above
Apologies for the confusion. Nigeria's economy is primarily dependent on oil and gas production, which falls under the energy production sector. However, other major sectors that contribute to the country's economy include agriculture, manufacturing, and service industries.
Thank you
You're welcome! If you have any more questions, feel free to ask.
Nigeria's economy is almost entirely dependent upon:
1. Agriculture: Nigeria has a large agricultural sector, which contributes significantly to its economy. The country produces a wide variety of crops, including cocoa, palm oil, rubber, yams, maize, and rice. Agriculture provides employment for a significant portion of the population and contributes to both domestic food production and export revenues.
2. Energy production: Nigeria is Africa's largest oil producer and exporter. Oil and gas production and exportation play a crucial role in the country's economy, accounting for a major portion of government revenues and foreign exchange earnings. The oil sector attracts foreign investment, creates employment opportunities, and drives other related industries.
3. Service industries: The service sector is an essential component of Nigeria's economy. It includes activities such as banking, telecommunications, information technology, entertainment, hospitality, and professional services. The growth of this sector has been driven by urbanization, technological advancements, and an expanding middle class. Service industries contribute to job creation, income generation, and economic development.
4. Manufacturing: While manufacturing in Nigeria has not reached its full potential, it still plays a significant role in the economy. Manufacturing industries produce goods such as textiles, food products, cement, plastics, and automotive parts. The government has been making efforts to promote local manufacturing through policies and incentives to reduce dependence on imports and create job opportunities.
It is important to note that while all these sectors contribute to Nigeria's economy, the country is working towards diversifying its economy to reduce its dependence on oil and build a more resilient and sustainable economic base.
To determine which option is the correct answer, we need to analyze the question and the provided options.
The question asks about Nigeria's economy and its dependence. Let's look at the options one by one:
1. Service industries: Service industries include sectors such as banking, telecommunications, hospitality, finance, and other non-tangible goods. While service industries play a significant role in Nigeria's economy, they are not the sole or primary source of dependency.
2. Energy production: Nigeria is well known for its energy production, especially oil and gas. It is one of the largest oil-producing countries in Africa and relies heavily on revenues generated from this sector. However, there are other sectors to consider as well.
3. Agriculture: Agriculture has traditionally been one of the mainstays of Nigeria's economy, employing a significant portion of the population and contributing to the GDP. Nigeria is known for its agricultural products such as oil palm, cocoa, rubber, livestock, and various food crops.
4. Manufacturing: Manufacturing refers to the production of goods on a large scale, typically involving factories and machinery. While manufacturing does contribute to Nigeria's economy, its overall dependence is relatively lower compared to the other sectors mentioned.
Based on the options provided, the correct answer is agriculture. Nigeria's economy has long been dependent on agriculture, with a vast majority of the population relying on farming and related activities for their livelihoods. Agriculture contributes significantly to the country's GDP, employment, and export earnings.
To arrive at this conclusion, it is essential to have a general understanding of Nigeria's economy, its main sectors, and their respective contributions. Additionally, accessing reliable sources such as government reports, economic data, or scholarly articles can provide more detailed and up-to-date information on Nigeria's economic dependence.