Problems and Strategies for Exploration of Solid Mineral Resources in Nigeria
- August 13, 2020
- Posted by: RSIS
- Categories: IJRISS, Social Science
International Journal of Research and Innovation in Social Science (IJRISS) | Volume IV, Issue VII, July 2020 | ISSN 2454–6186
Problems and Strategies for Exploration of Solid Mineral Resources in Nigeria
Micah Elton Ezekiel Mike1, Ibitomi Taiwo2
1Department of Accounting, Air Force Institute of Technology, Kaduna
2Department of Business Adminstration, Nasarawa State University, Keffi, Nasarawa State
Abstract: Evidence revealed that mineral resources are available in large quantities and distributed across the country but the strategies for exploration has been the major obstacles to the success in Nigeria. This paper therefore, studies the problem and strategies for exploration of solid mineral resources in Nigeria. The objectives of the study is to examine the problems of solid mineral in Nigeria, the strategies for exploration of solid mineral in Nigeria and the way to attract investors to the sector for optimal exploration. Based on the findings of this study, the problems of solid minerals in Nigeria are inadequate basic infrastructural, illegal mining, unfavorable laws in the sector, high capital outlay, inadequate professional in the sector and many more. The strategies that can be used for exploration of solid mineral in Nigeria should includes resource control policy, exploration of mineral resources should be private sector, the tenure of the private miners should be secured and the establishment of fund to protect the environment should be provided. The study therefore conclude that there are many problems causing the hindrance of the progress of the sector in generating revenue to the country but the strategies mentioned in this study can be used to achieve success in the sector and make it viable for investors to come in and develop the sector for optimal benefit to the nation at large.
Keyword: Solid Mineral, Mining, Mineral Resources, Investors.
I. INTRODUCTION
The discovery of oil in Nigeria has led to the neglect of a sector like solid mineral that has the capacity to generate large revenue, foreign exchange and employment for the nation through its value chain. Nigeria today is faced with economic challenges such as instability in the revenue from crude oil, high unemployment rate and high incidence of poverty. For the economy to overcome these problems, rapid growth as well as equal distribution of income is important. The present administration of president Mohammed Buhari that came in to power in year 2015 promised Nigerian to diversify the economy of the country from oil driving and to bring back the glory of this country to its former by looking inward to agriculture and solid minerals as a means to survive the economy in case of recession and drop in the price of oil and also to boost the economy and make it viable among the comity of nations in the world. It is on this note, which this paper intends to fill the gap yet uncovered in order to determine the problems and the strategies of exploration of solid mineral in Nigeria due to the neglect of the sector by the present administration despites of the campaign promise to over 180 millions Nigerian.
