Journal of Emerging Trends in Economics and Management Sciences: Home

Article Title:
Solid Mineral Resources: Alternative Source of Revenue for the Nigerian Economy
by Danmola, Rasaq Akonji and 2Abba Moahommed Wakili

Abstract:
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 organizations to mine and sell mineral resources. This paper tries to expose the potentiality in solid mineral resources as viable alternative to the petroleum sector, which production in Nigeria is unpredictable and the crisis in the region that produce the oil make unreliable as source earning for the country. This paper further shows areas where full private ownership or in partnership with federal, state or local communities can be encouraged, so as to fully developed the sector and generate a reasonable foreign exchange for the government and serve as an input to other sectors of the Nigerian economy. The study intends to provides additional sources of revenue for the government in view of the crisis in the oil producing region of the country and the study further show the available revenue generating options available to the government of Nigeria.

Keywords: solid minerals, government revenue, government policies, locations of solid minerals, economic growth.

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