Lagos in the 20th century and Accra in the 21st century began benefitting from a new source of international earnings that enriched each nation's economy. What industry was responsible for those new earnings?

Question

Business

Skyler

23 May, 12:10

Lagos in the 20th century and Accra in the 21st century began benefitting from a new source of international earnings that enriched each nation's economy. What industry was responsible for those new earnings?

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Answers (1)

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Elisa Wilson · Answer 1

Oil and Gas Industry

Explanation:

The oil and gas industry boom was responsible for the international earning for Ghana in the 1990s and Nigeria in the 21st century. Ghana has been producing oils since the 1990s, but the discovery of silver jubilee field in 2010, it started to produce 240 MMbbl liters of oil and 396 Bcf of Gas. While in Nigeria oil was discovered in 1958 and it has been the largest oil producer in sub-Saharan Africa and became a member of OPEC in 1971. Its estimated production of crude oil was 2.413 barrels per day in 2005. In both, the oil boom transformed the economy.