1.6 Significance of study
This research is revealing because of its scope and
implication factor. Many researches are conducted on the developed and
developing country's economy. But this poor state is not majorly studied in the
previous literature, which gap is critically fulfilled by this research work.
This is an acceptable approach to highlight the number of challenges which are
faced by majority of countries who have low economic growth and faced many
social and environmental issues due to their lower investment projects. In the
technological era, only those countries are earning huge amounts of profit and
income from their trading who efficiently utilized new tools and techniques in
their agricultural and other working activities. But unfortunately, Chad is
that country who is ignored for many decades and there is a need to look at
their economic, social, political and environmental issues (Castañeda et
al., 2016).
This research study is instructive and attractive for the
upcoming researchers and other governmental authorities toconsider the side
effects of the civil wars and illiteracy on the wellbeing of any nation. Like
how much the economy of an underdeveloped country is badly affected due to its
lower export rates and weak international relations (Bovin, 2017). This
research is conducted in order toevaluate the increased export rate of oil
resources on the consumer wellbeing in Chad. The majority of the population are
living below the poverty line and mostly are suffering from hunger and drought
(Otekunrin, Otekunrin, Momoh, &Ayinde, 2019; Von Grebmer et al., 2017).
If Chad's government becomes stable and strong, then it will be able to make
some social projects for its citizens that result in the economic development
of a large number of local individuals (Syverson, 2017). Also, it is an
important study that majorly analysed how the higher oil related export rate
enhanced job opportunities for the local individuals in this crude oil
extraction sector. Like through the higher export rate, this oil industry
becomes developed and more related job opportunities are created for the local
ones that will enhance their professional skills and make their life secure in
the long run.
The reason is that the unemployment rate of Chad is much
higher as compared to the other ones due to its weak agricultural sector and
lack of technology influence in their daily activities. The majority of the
Chadians are unable to cover their basic necessities like food, shelter and
clothes, and result in lower economic growth (Arthur, 2017). This research will
highlight all the related points that could justify that the unemployment rate
will reduced and the per capita income of the local individuals will be
generated due to the efficient development of the oil corporation within this
state.
In addition to the above arguments, this study is also an
attractive approach to evaluate how the increased export rate of oil commodity
also result in the up-gradation of the agriculture and manufacturing sector.
The reason is that till now, its working sector is using old means of
communication and daily operational activities that slowed down the chances to
upgrade itseconomy(Ahmad & Shaikh, 2018). This study is effective to
explore the positive impact of the enhanced oil trading on the other sector
development. The reason is that such higher export rate results in increasing
the country's deposit and dollar value in its economy that result in the
upgrading of its currency value in the international market.
These development policies will drive new ways to develop
other sectors in order to enhance the export rate of non-oil products in the
international market. This study is informatory way to highlight all the pros
regarding the oil export revenue and its effective implementation in the growth
rate of Chad, its individuals and other business sectors. This is an effective
approach in front of its government and other business communities to utilize
its cheap labour and drive different ways to extract oil from this land. This
will be a win to win situation in front of this country and any foreign
investors.
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