Gist: All change! Nigeria is not an oil economy  (Read 220 times)

0 Members and 1 Guest are viewing this topic.

All change! Nigeria is not an oil economy
by olutee « on: November 06, 2017, 07:00:59 AM »




All change! Nigeria is not an oil economy

Descriptions of Nigeria’s economy often include such phrases as ‘Africa’s largest oil producer’ and ‘the oil rich African nation’ but oil economies are typically characterised by low population densities and abundant oil resources. Saudi Arabia with 10 million barrels of oil per day and 30 million people, Kuwait with 2.7 million barrels of oil per day and 4 million people and Qatar with 1.5 million barrels of oil per day and 2.5 million people are typical of such. These economies pursued an economic model that was built around a large government dependent almost entirely on oil revenue for funding. Such economies could afford to have low or in some cases no domestic revenue mobilisation, in the form of taxes. Tax to Gross Domestic Product (GDP) ratios of less than 10% against the OECD average of 34.6% could be justified especially in the era of high oil prices.
Source: All change! Nigeria is not an oil economy

- PM News Nigeria
Invest in Bitcoins: https://hashflare.io/r/CF2F6691

Register and Post your gists on Naijagist or send to us @ gist@naijagist.com or olutola.obembe@primaxng.com

 

Related Topics

  Subject / Started by Replies Last post
0 Replies
671 Views
Last post April 16, 2016, 07:00:18 PM
by clowntom
0 Replies
251 Views
Last post July 14, 2018, 01:02:38 PM
by thisday
0 Replies
280 Views
Last post September 19, 2018, 01:01:44 AM
by NaijaPilot
0 Replies
207 Views
Last post December 17, 2018, 07:05:16 AM
by olutee
0 Replies
232 Views
Last post December 18, 2018, 07:04:50 AM
by flukky-1
0 Replies
192 Views
Last post January 02, 2019, 07:03:21 PM
by thisday
0 Replies
661 Views
Last post January 18, 2019, 07:04:21 AM
by sahara
0 Replies
233 Views
Last post May 17, 2019, 01:12:02 AM
by PulseNG
0 Replies
913 Views
Last post October 23, 2019, 01:05:54 AM
by olutee
0 Replies
128 Views
Last post April 20, 2020, 07:08:48 AM
by The Guardian