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Nigeria - An economic analysis of natural resources sustainability for the mining sector component (English)

This report firstly presents an analysis of the Nigerian economy as the environment within which the solid minerals sector is situated. It discusses the economy in terms of its distinguishing characteristics, structure and related issues, such that the place of the sold minerals sector can be appreciated. An examination of policy issues and economic reforms to aid the development process is also presented. This study, carried out between February and April 2007, specifically addresses the prospects of developing an industrial mining sector in Nigeria. The current mining sector is dominated by small-scale operations, working below their full potential and literally scratching the surface. Preliminary investigations indicated a lack of up to date information on deposits and lack of microeconomic information on the feasibility of extraction. The study is considered to be important from two different perspectives. First, solid mineral resources are economically, socially and environmentally crucial for Nigeria. There are key knowledge gaps in the sector. In addition the utilization of solid mineral resources is well aligned with the Bank's country partnership strategy, which is placing a strong focus on nonoil growth sectors of the economy. The other perspective comes from the environmental sector; the Bank has just completed the CEA (Country Environmental Analysis) and the idea is to continue the policy dialogue with the mining sector, and to help strengthen its links to the economic sectors where the environment is important. This study provides a major opportunity to carry this out. The primary objective of the study is to assess the prospects of an industrial mining sector emerging in Nigeria given what is known about the country's geology and mineral endowment as well as economic, institutional and other factors.

Details

  • Document Date

    2007/05/01

  • Document Type

    Country Environmental Analysis (CEA)

  • Report Number

    56178

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Southern Africa,

  • Region

    Africa,

  • Disclosure Date

    2010/08/13

  • Disclosure Status

    Disclosed

  • Doc Name

    Nigeria - An economic analysis of natural resources sustainability for the mining sector component

  • Keywords

    solid mineral;Mining;development of mineral resource;quality of credit information;private limited liability company;Central Bank of Nigeria;access to safe water;terms of trade shift;means dispute resolution;legal and regulatory framework;large scale mining;foreign direct investment;foreign exchange;access to finance;price of crude;natural resource sustainability;current account balance;world market;extraction of mineral;security of tenure;efficiency of operations;Environmental Management Plan;costs of exploration;study in terms;applications for registration;Private Sector Growth;access to mineral;economies of scale;banking sector reform;domestic industrial mineral;small scale operation;production of mineral;mineral sector development;enforcement of legislation;small-scale mining operation;private sector investor;share of resource;mining and mineral;degree of mechanization;social and environmental;income from agriculture;small scale miner;payment of fee;large-scale mining operations;price of oil;provision of infrastructure;commonwealth of nations;Oil and Gas;source of income;source income;term capital;sanctity of contract;world oil market;source of energy;hides and skins;sustainable poverty reduction;universal basic education;world crude oil;Natural Resource Management;adult literacy rate;purchasing power parity;Oil & Gas;impact of mine;payment of tax;demand for metals;world oil price;balance of payment;long term investment;safety of life;foreign exchange market;access to information;country mineral resource;oil sector;private company;geological knowledge;Financial Sector;Natural Resources;international mining;mineral deposit;political stability;mineral production;

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Citation

Nigeria - An economic analysis of natural resources sustainability for the mining sector component (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/612001468294070932/Nigeria-An-economic-analysis-of-natural-resources-sustainability-for-the-mining-sector-component