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- It serves as a major foreign exchange earner.
- It also generates revenue to the country through payments of royalties, license fees, rents, and petroleum profit tax by various oil companies.
- It also creates a high employment opportunities.
- It serves as a source of fuel and power to individuals, firms and government.
- It has also helped in the development of Infrastructural facilities especially in the oil producing areas.
- It has also helped in the development of manpower through award of scholarship to Nigerians.
- It has also helped in attracting more foreign Investments to our country. E.g. AGIP, ELF, MOBIL etc.
- It has also helped in enhancing economic growth in our country