Don’t be disuaded by the boring title. This is an important article for those interested in how governments make use and control the extraction of natural resources, thus impacting issues in sovereign wealth, sustainability, and economic development.
Solid minerals as natural resource help to grow the economy, create jobs, and generate enduring wealth for the people of Nigeria. Effective mining will transform the Nigerian economy and create a suitable and enabling environment for productive activities to flourish. It is imperative to adopt international best practices as the national benchmark to evaluate the standards of the mining operations and provide accessible financing scheme for local investors and conducive atmosphere to attract foreign investors’ participation. However, from the mining sector to thrive and contribute significantly to the gross domestic product, the sector requires the enactment of potent legal instruments and the establishment of virile institutional agencies with a view to regulating the exploration of mining activities and controlling the persistent high level of insecurity, revamping on the worsening power supply for optimum productivity in achieving sustainable development.
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