JOINT VENTURE AGREEMENTS AS A TOOL FOR REVITALIZING NIGERIA'S SOLID MINERALS SUB SECTOR

📄 Project Abstract

The contribution of solid minerals to the Gross Domestic Product (GDP) and Foreign Exchange earnings of the country has been on the decline since the discovery of the Oil Minerals (Crude Oil) and its commercial exploitation in the late 1950s. The unwholesome reliance on the mineral has not only led to the progressive neglect of other sectors of the economy such as Agriculture, Mining, Manufacturing etc. but has also led to structural imbalances in the economy, with the effect becoming manifest in the 1990s. To address this problem the Government has decided to explore other viable alternatives that have hitherto been neglected in order to diversify the revenue base of the country. The solid minerals sub sector is a viable alternative in this regard and there are indications that if properly harnessed, the sector has the potential of contributing substantially to the revenue earnings of the country in the 21st century. However, given the long period of neglect it has suffered, concerted...