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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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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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