Nigeria is one of the globally acclaimed oil producers, priding itself mostly in the Bonny Light brand in the petroleum market governed by the Organisation of Petroleum Exporting Countries (OPEC).
The country also depends largely and to some extent, over 60 per cent of the revenue sources is from oil. The federal government only recently began to intensify efforts to diversify to a non oil-dependent economy, after being hit with the reality of COVID-19 and a protracted glut in the oil prices.
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