What is the major foreign exchange earner for Nigeria?
The oil sector provides for 95% of Nigeria’s foreign exchange earnings and 80% of its budgetary revenues.
What is foreign exchange earner?
Foreign exchange earnings are profits made from selling goods and services in a global marketplace, though in some cases, currency is simply exchanged in order to make these earnings without goods or services being sold. … Individuals can also make foreign exchange earnings by trading in the Forex market.
Which industry that has been hit most by the Globalisation?
The correct answer is jute.
What are the 5 major sources of revenue for the government in Nigeria?
The rest comes from a mix of sources.
- TOTAL REVENUES. …
- INDIVIDUAL INCOME TAX. …
- CORPORATE INCOME TAX. …
- SOCIAL INSURANCE (PAYROLL) TAXES. …
- FEDERAL EXCISE TAXES. …
- OTHER REVENUES. …
- SHARES OF TOTAL REVENUE. …
- Updated May 2020.
How much does Nigeria generate in a year?
Government Revenues in Nigeria averaged 879.47 NGN Billion from 2010 until 2020, reaching an all time high of 1480.87 NGN Billion in the fourth quarter of 2019 and a record low of 498.54 NGN Billion in the second quarter of 2015.
How is foreign exchange earnings?
In the forex market, a profit or loss results from the difference in the price at which the trader bought and sold a currency pair. Currency traders do not deal in cash. Brokers generally roll over their positions at the end of each day.
What are the major sources of foreign currency?
Three sources of supply of foreign exchange are :
- Exports: Exports of goods and services is an important source of supply of foreign exchange.
- Grants and donations from rest of the world: A significant amount of foreign exchange flows from rich to poor countries by way of grants and donations.
How many currencies do you need to open an OTO account?
Available in 17 Currencies: You can open an EEFC account in the following currencies: United States Dollar (USD)
Which industry has been severely affected by globalisation?
This happened mainly in the pharmaceutical, manufacturing, chemical, and steel industries. The negative Effects of Globalization on Indian Industry are that with the coming of technology the number of labor required decreased and this resulted in many people being removed from their jobs.
Which industries have been hit hard by the competition?
Answer: Batteries, Capacitors, Plastics, Tyres, Dairy Products, Toy and vegetable oil industries have been hit hard due to foreign competition by Globalization.
What was the main channel connecting countries in the past?
Answer: Trade was the main channel which connected the countries in the past.