Sustainable Minerals Exploitation as a Panacea for Rapid Economic Growth in Nigeria

Abstract

The over dependence on the oil and gas sector in Nigeria and the current decline in the world oil market calls for the diversification of the National Economy in the areas of solid minerals exploitation. This paper identifies the solid mineral potentials of the country and pin points on the use of solid mineral potentials as a means of diversification of the national economy, a means of wealth creation and improvement of the standard of living. This paper also reviewed from different literature the contribution of the solid mineral sector to the development of various countries. It showed that solid minerals contributed 24% to the gross national product of Botswana , 14% to the gross national product of United State of America 18% to the Gross National Product of South Africa and also 14.4% of Gross Domestic Product of Ghana. These are few countries that have their economy boosted by the major contribution of mining sector to their Gross Domestic product. All these are well above the contribution of solid minerals to the GDP of Nigeria which stands at 0.3%. The mineral potentials of Nigeria, if adequately exploited, can launch the country into a realm of national financial sufficiency and also in the development of indigenous products that can be consumed and exported to generate revenue for the country