importance of minerals to the Nigerian economy

            importance of minerals to the Nigerian economy. The presence of minerals in any country does help to promote economic development of that country. In Nigeria, the

importance of minerals includes:

  1. Employment: the mining of these minerals provides jobs for many people
  2. Revenue generation: Taxes paid by mining companies including export and import duties on minerals are sources of revenue to the government
  3. Foreign exchange earning: The export of minerals like petroleum. Coal and tin, provides foreign exchange for the country

  1. Provision of essential goods: Essential goods or products are derived from minerals, e.g. petroleum provides kerosene, petrol, grease, engine oil and aviation fuel
  2. Raw materials for industries: Raw materials like limestone are used by cement industries; iron ore is used by iron and steel industry

  1. Improvement of standard of living: money earned from minerals is used to provide social and basic amenities which improves the standard of living of the people

  1. Acquisition of skills: The presence and extraction of these minerals enable people to acquire different skills

  1. Infrastructural development: The presence of minerals in an area leads to the development of infrastructures like roads, electricity, telephone and pipe borne water in these areas

  1. Growth of cities: Cities like Enugu, Jos and Warri have grown due to the presence of coal, tin and petroleum respectively

  1. Production of geological maps: The exploration of minerals in the country has led to the production of certain geological maps 

  1. Transfer of technology: The presence or mining of minerals in the country normally leads to the transfer of technology from industrialized nations

  1. Training and retraining of personnel: Mining activities in Nigeria have led to the training and retraining of personnel in order to be efficient in mining operations

  1. Growth of ancillary industries: The presence of minerals or mining activities generally lead to the establishment of ancillary industries that can promote mining activities in the country
  2. Income to miners: People who are miners have used the medium to generate income for themselves
  3. Provision of essential goods: Essential goods such as cement, gold, plastic, rubber and tyres are normally produced through mining activities

  1. Improvement of balance of payment: the exportation of minerals to foreign countries has helped to improve the balance of payments between the two countries involved in international trade
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  1. of demand curve and used
  2. advertising industry
  3. factors of production
  4. entrepreneur
  5. joint stock company
  6. public enterprises
  7. private enterprises
  8. limited liability companies
  9. migration
  10. population
  11. market concept
  12. money market
  14. how companies raises funds for expansion
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