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The Barclay's Bank and the British Petroleum Company in Nigeria were nationalized in the late 1970s...

Government
JAMB 2021

The Barclay's Bank and the British Petroleum Company in Nigeria were nationalized in the late 1970s for transacting business with ...

  • A. Libya
  • B. South Africa
  • C. France
  • D. Portugal
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Correct Answer: Option B
Explanation

The nationalization of the British Petroleum company meant the loss of considerable revenue to Britain. In addition, the nationalization in 1978 of the British owned Barclays Bank for operating in South- Africa meant that the Barclay Bank no longer profited from handling the transactions of all the public agencies and corporations in Nigeria.

There is an explanation video available below.


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Explanation Video

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts