OTHER NATURAL RESOURCES

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.
  • natural resources

Apart from petroleum, there are other mineral resources in Nigeria.

  1. loans for businesses

Certificate of incorporation

Certificate of incorporation, which confers on the company to commence business issued by the registrar of companies, company has put on a veil of incorporation. The certificate is given out as an evidence that all the requirements of the Act in respect of registration have been complied with company and is therefore duly registered under the Act. It contains the name company, registration number and signature of the registrar.

The Company Act contains the effects of incorporation as: Right of the company to own properties which are separated from shareholders.

let us know what you think

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: