n CPEEL Monograph Series - Introduction
|© Publisher:||Centre for Petroleum, Energy Economics & Law (CPEEL)|
|Journal||CPEEL Monograph Series|
|Author||Akin Iwayemi, Adeola Adenikinju, Adeboye Adeyemo, Oluwatosin Adeniyi and Samuel Omenka|
|Publication Date||Jan 2014|
|Pages||1 - 11|
Nigeria is better known for its energy mineral resources (oil and gas). Yet, it is also well endowed with a variety of strategic solid mineral resources that are widely distributed across the 36 states of the country. The most important minerals are coal, iron ore, tin ore (cassiterite), columbite, manganese, lead-zinc, uranium, gold, barite, bitumen, marble, limestone and gypsum. However, the Federal Government has identified nine of the more than 34 minerals, namely, coal, iron ore, tin ore (cassiterite), manganese, lead-zinc, gold and barite as its key focal points.
The need to harness more efficiently these significant and widely diversified mineral resource endowments, has been further brought to the fore with the rebasing of the GDP in 2013, which made Nigeria the 26th largest economy globally. The data showed significant diversification of the economy from natural resource sector dependence. The natural resource sector, agriculture, and oil and gas, have lost their dominance in the production structure. The change in the emerging structure of the economy is important in that it will provide new economic opportunities that can be leveraged upon by investors and entrepreneurs in support of sustained economic growth and inclusive development. Also, the rebased GDP figures suggest the emergence of the post-petroleum era in Nigeria. Clearly, as increased economic activities (through more robust investment and production effort) along the value chain in the mining and metallurgy sectors are strengthened, further diversification of the economy will emerge. However, it must be noted that such positive development in the mining and metallurgy sectors will also be accompanied by a range of distinctive and challenging political, regulatory, economic, social, and environmental issues for the government, industry, other stakeholders and the local population.
Article metrics loading...