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·For over four decades the Nigerian economy has mostly depended on proceeds from the sale of crude oil This is at the expense of other sectors such as solid minerals and agriculture that hitherto contributed significantly to the economy of Nigeria Employing both qualitative and quantitative analysis this paper shows that the solid mineral sector in Nigeria
·A mineral is a naturally occurring substance that is solid and inorganic representable by a chemical formula usually abiogenic and has an ordered atomic structure The Nigerian Extractive Industry and Transparency Initiative NEITI report suggests that there are over 30 different kinds of solid minerals and precious metals Sapphire Aquamarine Topaz etc
· Nigeria s GDP in 2019 was ₦ trillion with contributions from the solid minerals sector totaling ₦ representing cent of the total amount This shows a steady growth in the sector s contribution to the economy in the past five years from a contribution of % in 2015 to % in 2019 the report
·The study examined the influence of solid mineral development on economic growth in Nigeria using the Auto Regressive Distributed Lag ARDL Approach Time series data which spanned 1981 to 2019
·Section five will focus on the opportunities and potentials for solid mineral development in Nigeria as well as the value addition chain The policy paper concludes by providing a way forward in the solid mineral sector in Nigeria 2 Structure of the Nigerian Economy The Need for Solid Mineral Development as a Means of Diversification
·Minister of Solid Minerals Development Dele Alake yesterday hailed President Bola Tinubu s vision of diversifying the country s economy through renewed focus on solid minerals
·Diversification of the Nigerian economy with specific emphasis on the agricultural and solid mineral sectors is feasible in view of Nigeria s resource endowment Nigeria has a large expanse of
these resources effectively Nigeria has the potential to drive economic growth generate employment opportunities and achieve better overall development Keywords Nigeria solid minerals Gold Lead zinc Gemstones Nigeria mining law INTRODUCTION The exploitation of solid minerals has significant economic benefits It generates substantial
·PDF Mineral Potentials of Nigeria Past present and future prospects Find read and cite all the research you need on ResearchGate
A RESEARCH PAPER ON THE FUTURE OF MINING AND EXTRACTIVE INDUSTRIES IN NIGERIA; CALL ON FOREIGN INVESTORS FOR INVESTMENTS IN NIGERIA Problems Facing Solid Minerals Industry Literature review revealed that the share of solid mineral in Nigeria GDP and in export earnings before the oil boom of 1970 were significant The price of solid
The mining of solid minerals in Nigeria accounts for only 3% of its GDP due to the influence of its vast oil resources The domestic mining industry is grossly underdeveloped and that necessitate the need to import mineral resources that could be produced at home such as bitumen iron ore salt etc The Nigeria government is presently controlling the sector but given rights to corporate
·Over the past four decades increasing emphasis has come to be placed on the potential importance of solid mineral resources to the Nigerian economy A more common strand of research is those that Expand
Diversification of the Nigerian economy with specific emphasis agricultural and solid mineral sectors is feasible in view of Nigeria s endowment Nigeria has a large expanse of agricultural land This per cent of Nigeria s tota l land area which is thousand kilometres Of this total per cent is arable land per cent is permanent crop and percent is under forest
·The solid minerals and mining sector contributed a paltry % to the Gross Domestic Product GDP in 2018 with annual production averaging 40 million metric tons valued at about 34 billion naira
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·Nigeria is often described as a country endowed with abundant mineral resources including the occurrence of over 40 different solid minerals at approximately 450 locations
·Nigeria s over dependence on crude oil revenue has exposed the economy to price shocks emanating from vicissitudes in the global oil market which has accentuated the need for urgent economic diversification One of such areas that holds the potential for Nigeria s economic diversification is the solid mineral subsector The study examined the influence of
·The Nigerian economy highly depends on these resources which is why they are a huge part of many people s everyday lives especially those who work in the industrial sphere Here is the list of mineral resources in Nigeria and their locations along with interesting facts about them Mineral resources in Nigeria Photo piotr arnoldes
·The policy paper concludes by providing a way forward in the solid mineral sector in Nigeria 2 Structure of the Nigerian Economy The Need for Solid Mineral Development as a Means of
Dr Mary Ogbe the Permanent Secretary overseeing the Ministries of Solid Minerals Development and Steel Development has said that the solid minerals sector is enhancing Nigeria s economic profile
·ABUJA Mr Musa Sada the Minister of Mines and Steel Development said the need to develop solid minerals in Solid minerals future of Nigeria s economy Sada SundiataPost Latest
·Calls to diversify Nigeria s economy has become a mantra over the years In 2016 the Federal Executive Council FEC approved the Roadmap for the Growth and Development of the Nigeria Mining Industry to position the sector as an alternative to oil revenue How has this policy document impacted the economy…
·real exchange rate real gdp solid mineral output and gross capital formation a preliminary graphical study of the trend in solid minerals contribution to Nigeria s real gdp shows that over time the linkage of solid minerals to the real sector steadily declined with a couple of structural breaks
