Nigeria is heavily dependent on the export of crude oil to finance industrial development. 95% of Nigeria’s exports by value are crude oil. At current production rates, known reserves are only sufficient until the end of the century. Industrialization was boosted after 1973 following the fourfold increase, in oil prices. In the early 1980s prices fell, and Nigeria lost important income. Oil production peaked in 1974 when output reached 112 million tones.[/AKIN]
Q. It is emphasized in the passage that the sharp rise in oil prices in 1973 …….. .
a. had less effect on Nigeria’s economy than might have been expected
b. contributed greatly to industrial development in Nigeria
c. coincided with a considerable fall in oil production
d. provided Nigeria with a high revenue well into the late 1980s
e. put a great deal of pressure on Nigeria’s oil reserves
Q It is clearly understood from the given passage that only a fraction of Nigeria’s exports ……… .
a. are goods other than crude oil
b. would be needed to support industrial development
c. were affected by the fail in oil prices in the 1980s
d. were oil-related
e. have benefited from price increases
Q.. The passage says that ,as long as the current rate of oil production is maintained …………. .
a. world oil prices are not expected to rise significantly
b. Nigeria’s industrial development plans will soon be fully realized
c. Nigeria is likely to have no oil reserves left by the year 2000
d. Nigeria will continue to enjoy large revenues
e. the variety of goods exported from Nigeria will increase