Which natural resources is a major foreign exchange earner to Nigeria?

Economic Trivia The oil sector provides for 95% of Nigeria’s foreign exchange earnings and 80% of its budgetary revenues.
Top Industries Crude Oil; Coal; Tin; Columbite

What are some of Nigeria’s major natural resources?

Apart from petroleum, Nigeria’s other natural resources include natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable land. The oil and gas sector accounts for about 10 per cent of gross domestic product, and petroleum exports revenue represents around 86 per cent of total exports revenue.

Which of these is the largest contributor to Nigeria’s national income?

Distribution of GDP in Nigeria 2020, by sector

About seven percent of Nigeria’s GDP is generated by the mining and quarrying sector. In particular, the largest contribution is given by crude oil and natural gas. Nigeria is one of the key oil-producing countries and largest exporters in the world.

Is Nigeria rich in resources?

Natural Resources

Nigeria is also blessed with an abundance of resources. The country is most widely known for its vast hydrocarbons wealth. … However, Nigeria possesses much more than simply oil and gas. It is home to significant deposits of coal, iron ore, lead, limestone, tin and zinc.

Is Nigeria richer than India?

India has a GDP per capita of $7,200 as of 2017, while in Nigeria, the GDP per capita is $5,900 as of 2017.

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What are 2 types of natural resources?

Natural resources are substances that occur naturally. They can be sorted into two categories: biotic and abiotic. Biotic resources are gathered from the biosphere or may be grown. Abiotic resources are non-living, like minerals and metals.

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