NATURAL RESOURCES IN NIGERIA AND THEIR ROLES
Definition of natural resources: Natural resources can be defined as the materials nature provides and are necessary for the production of human wants or needs. They are usually associated with land. Examples are the minerals in die soil and vegetation.
Roles of Natural Resources in Nigeria
- Natural resources contribute to economic development by providing production input.
- Export of natural resources such as crude oil, ground nut, cocoa, diamond contribute to foreign exchange earnings.
- Investment in the exploitation of natural resources contributes to the growth of capital stock of the economy.
- The exploitation of natural resources creates jobs.
- The returns from the exploitation of natural resources generate a sizeable income for the economy, e.g. royalties.
- The natural resources promote the cultivation of crops to feed the people.
- It creates the environment for the development of the secondary and tertiary sectors of the economy, e.g. manufacturing and tourism.
Apart from petroleum, there are other mineral resources in Nigeria. Read more of these minerals here
153. FUNGAL DISEASES
- loans for businesses
- how to establish enterprises
- what is a firm
- price equilibrium
- scale of preference
- concept of economics
- economic tools for nation building
- factors affecting the expansion of industries