resource curse (online-audio-converter.com)

Nigeria's economy is heavily reliant on oil exports, which makes the country vulnerable to economic instability when oil prices drop. This over-dependence on oil has led to neglect of other sectors such as farming, technology, and factories, causing a lack of alternative sources of income. Thus, Nigeria struggles to build a resilient economy. I want to first talk about the understanding of the resource source. Nigeria is trapped in the resource source mainly because of its over-dependence on oil exports. This means that Nigeria's economy is dependent on oil income. When oil prices drop, Nigeria faces economic instability, which makes the country unstable, unable to build a resilient economy. Nigeria is very dependent on oil, which has caused other parts of the economy like farming, technology and factories to be ignored. Farming used to play a big part in the economy. Because of this, when oil prices drop, Nigeria doesn't have many other ways to make money.