Economic Characteristic Of Mineral Industry In Nigeria

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terials. This pattern of the association of rich, easy-to-mine deposits with overall national economic growth and then the subsequent slowing of growth with the exhaustion of these deposits seems to be the trend. Another reason for a resurgence of interest in mineral economics is the social attitude that has developed.

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Agriculture is Africa’s largest economic sector, representing 15 percent of the continent’s total GDP, or more than $100 billion annually. It is highly concentrated, with Egypt and Nigeria alone accounting for one-third of total agricultural output and the top ten countries generating 75 percent.

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Nigeria is richly endowed with minerals and she has a very high significant share in the world’s mineral market. The country relies heavily on the mining industry, which plays a crucial role in her economy. 1 Nigeria has always hoped to make and use the mineral sector to contribute to economic and social development and to alleviate poverty.

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