9 Lessons Learned: News

Advantages of the Nigeria News on the Local Content of Oil and Gas Mining

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. It is obvious that when there is an establishment of an industry it lead to creation of job opportunity and attraction of more local investors in the country hence there is the increase of the living standards of the people since they can earn more income from the creation of the job opportunity. There is the Nigeria news that the country is developing and minimizing the use of non renewable to renewable energy resources hence they work on developing and work on their local content value. The following are the advantages of the Nigeria news on the oil and gas industry .

The first benefit is a creation of job opportunity. There is the creation of job opportunity in Nigeria hence people earn their living thus they save and invest more. There is the creation of job opportunity from the oil and gas industry and from the local investors who invest in the countries for more exports of the product to avoid more imports.

There is the importance of the economic growth. There is the exportation of the local products hence this lead to the economic development of the country. 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 advantage of rising the people living standards . When people can be able to cater for their daily needs and expenses due to the source of income through the employment opportunity, this lead to raising the standard of the living hence people become more independent thus they do not rely on help and can save and still cater for personal needs.

However, there is the benefit of foreign exchange. There are socialization and interaction with other nation has there are exports of the Nigeria [product that leads to unity since there is a need to develop a market for their product. 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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