REAPING THE MINERAL WEALTH: WHAT ARE THE LESSONS FOR NIGERIA?
REAPING THE MINERAL WEALTH: WHAT ARE THE LESSONS FOR NIGERIA?

Summary/Abstract: Presently, income from petroleum resources accounts for 95% of revenue accruing from exports to the Nigerian Government. Nigeria is however, rich in diverse minerals, with 34 mineral types in 450 locations, which if well harnessed can provide a new stream of income. The establishment of a Ministry of Solid Minerals Development is an indication of government’s preparedness to explore the opportunities presented by this sector of the economy. The question, which becomes apparent, is whether the fiscal regime for mineral exploration is well formulated to yield maximum and sustainable benefits for the parties involved. Bearing in mind the existence of mature mining regions all over the globe, this paper draws from their experiences, including likely pitfalls, with the aim of providing suggestions for policy makers in Nigeria in order to guarantee an optimal utilisation and sustenance of the benefits accruable from the sector.

• Details
• Contents