SOLID MINERALS AS AN ALTERNATIVE SOURCE OF REVENUE IN

SOLID MINERALS AS AN ALTERNATIVE SOURCE OF REVENUE IN NIGERIA – A CASE STUDY OF THE EXPORT POTENTIAL OF CHARCOAL

Today, Nigeria is a largely a single commodity economy with the oil and gas sector accounting for over 95% of all national revenues, with significant focus of the government in the growth and development of this sector, consequently this sector of the economy has recorded exponential growth since the discovery of oil in 1956 . As a result, other sectors of the economy have suffered a steady decline as seen in the performance of the solid minerals sector and its contribution to GDP. Currently, despite significant reserves of solid minerals in all states of the federation, the sector contributes less than 1% of GDP. Great potential for economic growth and potential to deliver tangible revenues from this sector of the economy cannot be overemphasized. This research projects highlights the following: underutilization of the potential of solid minerals sector to contribute to the growth of the economy with particular emphasis on the export potential of charcoal, validates the Dutch disease phenomenon highlighting its impact on Nigeria’s international competitiveness, institutional quality
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