One of the reasons why Nigeria is a mono-economy is becau...
One of the reasons why Nigeria is a mono-economy is because of her _______
Huge volume of petroleum activities in the country
Diversification system of economic activities
High demand for foreign commodities
High rate of unemployment
Correct answer is A
A mono-economy is an economy relying on one major export or natural resources to bring most of the currency into the country.
Nigeria is dependent on crude oil. Before now, agriculture and mining were the primary drivers of Nigeria’s economy but these has been abandoned since the 70’s as a result of the discovery of oil.
Nigeria is now a mono-economic country that is, now relies solely on crude oil as her major source
of revenue.
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