OTHER NATURAL RESOURCES IN NIGERIA, Definition of natural resource: Natural resources can be defined as the materials nature provides and are necessary for the production of human want or needs. They are usually associated with land. Examples are the minerals in the soil and vegetation.
Roles of Natural Resources in Nigeria
- Natural resources contribute to economic development by providing production input.
- Export of natural resource such as crude oil, ground nut, cocoa, diamond contribute to foreign exchange earnings.
- Investment in the exploitation of natural resource contributes to the growth of capital stock of the economy.
- The exploitation of natural resource creates jobs.
- The returns from the exploitation of natural resource generate a sizeable income for the economy, e.g. royalties.
- The natural resource 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.