After years of independence and over five decades of oil exploration, crude oil accounts for less than 10 percent of Nigeria’s GDP but represents about 90 percent of foreign exchange earnings and more than half of government revenue, an indicator of a sector in dire need of succor. Recent modest gains such as fuel subsidy…for further reading, click on https://businessday.ng/energy/oilandgas/article/nigeria-at-60-oil-sector-groans-from-a-weak-value-chain/
Source: BusinessDay Newspaper Oct 1, 2020.