Describe the contributions of natural resources to the economy of your country.
Explanation
Contributions of natural resources to the economy of my country, Nigeria include:
(i) Both land and mineral oil provide employment for a very large percentage of Nigeria's population.
(ii) Food for the teeming population comes from our agriculture.
(iii) Our main sources of energy, namely gasoline, kerosene and diesel oil come from crude oil, charcoal and firewood.
(iv) Serves as source of revenue, e.g. export duties on exported natural resources is a major source of income for the country.
(v) provides market for industrial products such as hoes, machetes, fertilizers, insecticides and mining equipment. Fertilizers and machetes are used for agricultural resources while mining equipment is utilized for extracting natural resources like coal, tin and columbite.
(vi) Raw materials for our agro-allied industries come from agricultural resources while our pharmaceutical industries rely on petroleum as sources of inputs
(vii) Sources of foreign exchange: Petroleum and Export crops provide more than 90% of Nigeria's foreign exchange with the former singularly providing more than 70% of Nigeria's foreign exchange.