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Scholarly Journal of Scientific Research and Essay (SJSRE) Vol. 6(2), pp. 34-41, July 2017
Available online at http:// www.scholarly-journals.com/SJSRE
ISSN 2315-6163 © 2017 Scholarly-Journals



Industrial development potentials and mineral resources sector generation in Nigeria

Kaita, R.A.1, Kankara, I.A.*2 and Mubarak, N.M.3

1Departmentt. of General Studies, Hassan Usman Katsina Polytechnic, Katsina.
2Department. of Geography and Regional Planning, Federal University Dutsinma
3School of Civil Engineering and Geosciences, Newcastle University, United Kingdom


Abstract:

 

The solid mineral sector is very strategic to industrialization and development of the Nigerian economy. In addition to its macroeconomic importance, the sector has major roles to play in reducing poverty, improving productivity and enhancing the general quality of lives. The sector is greatly linked to other sectors of the economy, contributes to a stable growth of economy and the realization of social and political objectives. Nigeria is blessed with rich and vast variety of conventional and mineral sources. Despite these potentials Nigeria’s mineral sector has been dominated by fossil fuels and is been faced by various challenges, which have undermined its industrialization process and development over the years. The fundamental issue addressed in this paper is the extent to which Nigeria has restructured her industrial and energy systems for effective industrialization within the on-going trade globalization process. Generally, enough incentives for efficient resource allocation in order to promote processed raw materials within the on-going process of globalization, coupled with economic liberalization mid deregulation paradigms have not been created. It was proposed that a mixture of the invisible hand of the market with the visible hand of the State should guide the process of industrialization, economic diversification, trade and development similar to the case of East Asian Tigers. Nigeria needs to diversify its mining and mineral sectors and the utilization of these will reduce the country’s dependence on fossil fuels and provide an economically stable source of income and employment in the sectors. Therefore, Nigeria needs to develop a technologically driven mineral sector that will harness the nation’s resources to complement its fossil fuel consumption and guarantee solid mineral resources security.

 

Key words: Industrial Development, Potentials, Mineral Resources, Nigeria.

[Full Article - PDF]



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