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Posted by: | Posted on: June 1, 2018

Benefits of the Oil and Gas Industry in the Nigeria News

Nigeria is one of the countries in Africa that has that has oil and gas mining industry and this products are on high demand internationally since the supply is low. When the local investors invest in a country there is the growth of the economic status, hence this attracts more local investors due to the oil and gas industry. Through the development of the oil and gas industry that attracts more local investors in the country lead to the creation of job opportunity to local people and this lead to improvement of the individual living standard since they are earning their living. The local content in the Nigeria news is that there is the creation and usage of the renewable energy resources and this minimizes the expenses of buying the energy sources. The following are the benefits of Nigeria news on the local content of oil and gas industry.

The first advantage is that there is the creation of job opportunities. There is the creation of job opportunity in Nigeria hence people earn their living thus they save and invest more. There are more jobs opportunities creation from the oil and gas mining industry that needs the manual power hence job employment opportunity are there and this also attracts more local investors to invest in the country.

There is the advantage of the economic growth. The economy of the country grows and develops when there are more exports in the country than the imports and use the locally available resource and utilize them. Oil and gas is an international product that its demand is very high hence they can exports the oil and gas production to other nation and the local use the oil and gas. In Nigeria, there is economic growth since they utilize the renewable energy resource and export the non-renewable that has more value hence they spend less on the non-renewable resources thus the development.

There is the raising of the people standards of living is another benefit. Individuals can be able to cater for their expenses and daily needs when they have a source of income through the creation of job opportunities.

There is also the importance of foreign exchange. There are the oil and gas exports to other nations that lead to international relations hence unity with other nations. During the exports, there is foreign exchange since the country will buy from the nation hence their income generation through the foreign exchange.

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