Hello lovely members of this reputable community leofinance, am so happy being part of you here, even though am medically inclined. Having seen the major focus which is finance and is an important aspect of our every day life, I decided to key in too, to share a bit of my ideas and knowledge about our finances or economy, how they affect us as well as everything that bothers around online marketing. I hope to also learn a lot from you all here that are more experienced in the financial world and also update my knowledge from the informations I get here.
I know you might be pondering on the particular raw material am referring to in this post, it's no other thing than crude oil. This natural gift or resource though not the only raw material in existence even as impure as it is, has a great influence on the economy of so many nations if not the World.
Flooding of product of crude oil
In some countries especially here in Africa, the amount generated from exporting this natural resource to countries that have good refineries is seen most times to be below the cost of importing the refined products like petrol into the country and this in turn has great effect on the economy. This means that more money is spent on getting this products into the country.
For instance petrol which is one of the products of crude oil, is seen to affect the economy of Nigeria as a nation as well as it's citizens even as it's known to be Africa's most largest oil exporting nation. Reason being that when there is decrease in supply of petrol the price of available ones goes up, the cost of transportation also skyrockets and this in turn causes a great deal of inflation of goods as well as services in the country, making life difficult for people.
This particular situations could have been avoided if the nation had functional oil refineries where this natural resource crude oil would have been purified into different products, there by avoiding unnecessary cost encountered in importing the by products of crude oil as well as the effects on the values of the nation's currency as a whole.
A sample of Currency that could be affected by this situation
So for this natural resource or gift from nature not be become a source of pain in disguise, measures should be put in place especially by nations who have it as their major natural resource, to maximize it fully without depending on others to process it.
So I will draw the curtain here for today,and I hope this post made sense to you, thank you for your patience in reading it and I will appreciate your maximum supports and inputs. Anticipate more important posts from me.