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Mining and oil extraction Oil extraction in the Niger Delta has had a significant impact on the environment. Oil spills have destroyed aquatic ecosystems and burning gases associated with oil extraction has caused considerable air pollution, leading to the release of greenhouse gases and causing respiratory problems for local people.
Aug 31, 2012#0183;#32;Today Nigeria is the third biggest economy in Africa, largely due to the share of crude oil in its exports. In 2000, oil and gas exports accounted for 98% of earnings in Nigeria. Nigerian GDP at purchasing power parity more than doubled between 2005 and 2010.
Dec 09, 2019#0183;#32;Mining can only benefit indigenous communities when shared environmental, economic, and social goals are in place and enforced. Years of imperialism has taught us that when these arent in place, corporations will siphon resources with little concern for the local population.
The following are mining benefits. 1. Boosts economy. Mining boosts both the local economy of the area where the actual mining is taking place and the countrys economy as well. This economic benefit is got from employment salaries, economic activity because of purchases of services and goods, as well as through paying taxes, fees and royalties to the national government.
Aug 22, 2018#0183;#32;Records have it that mining of minerals in Nigeria accounts for just about per cent of the countrys gross domestic product (GDP) due to the influence of its vast oil resources.
Despite the challenges facing Nigerias economy today, the country is still among the countries producing fossil fuel, which makes Nigeria a prominent country in determination of world economy. Before the discovery of fossil fuel, Nigerian economy had its basis on tax generated from companies established by Europeans along the Nigerian coasts.
Nigeria An Economic Analysis of Natural Resources Sustainability for the Mining Sector Component Eyre, J. M.; Agba, A. V. (200705) This report firstly presents an analysis of the Nigerian economy as the environment within which the solid minerals sector is situated.
quot;The Nigerian government is committed to resolving the challenges and delivering the president''s objective to deliver efficient, stable and reliable power to Nigerians and put Nigeria on the path
Nov 28, 2019#0183;#32;Billionaire founder of Ivanhoe Mines, Robert Friedland, sees the global effort to reduce carbon emissions as a lucrative opportunity for the mining sector. Speaking in London this week, he reminded delegates that copper is an essential metal in electric vehicles and renewable energy systems.
Jul 18, 2016#0183;#32;MInGov findings in Zambia highlight that the country is an attractive place for investment due to favorable geology, its long history of mining, its political stability, and a relatively favorable economic environment. Zambia is also safe and securesince the countrys independence in 1964 there has never been a war.
Nigeria is a country that is blessed with a lot of natural resources, both in hydrocarbons and in solid minerals. Nigeria has large reserves of petroleum, natural gas, coal, iron ore, tin, limestone, lead, niobium, zinc, and gold. But at the same time, it is plagued by a high level of illegal mining activities across the country.
With the proper investment of money and effort, Nigeria will be able not only to cover its own needs for various types of minerals but also export the processed products thereby developing its economy and raising the peoples standard of living.
Most importantly, it could help alleviate some of the problems associated with enclave nature of the Nigerian economy that has for too long being vulnerable to fluctuations in global oil prices.
Often ignored are the social and economic benefits of coal mining. These benefits go far beyond the energy it provides and the products like steel and cement that are made from coal. Coal mining supports local communities and provides a big boost to regional and national economies. The presence of coal mining supports economies in many ways.
Dec 09, 2020#0183;#32;Nigeria is also blessed with abundant mineral resources which are mostly available in commercial quantities. There are proven reserves of iron ore, gold, zinc, limestone, barite, tin and bitumen across the country.
Apr 13, 2020#0183;#32;Mining gives people a portion of the resources needed for modern civilization, but it can also lead to environmental harm. While some are in favor of mining due to the resources it produces and the jobs it provides in the, some are opposed to mining based on opposition to destructive mining practices and environmental concerns.
economic development initiatives led by the mines actually do improve the livelihoods of the mining communities and if they are aligned to the development agenda of the local government.
Notwithstanding, the discovery of crude oil has come with several economic benefits. Currently, Nigeria has a total of 159 oil fields and 1481 wells in operation. The most productive oil fields are located in the coastal Niger Delta Basin in and this comprises 78 of the 159 oil fields.
part of the overall economic analysis of natural resources and helps to strengthen the links between the mining sector with the economy and the environment. The study, carried out between February and April 2007, specifically addresses the prospects of developing an industrial mining sector in Nigeria.
Nigeria Nigeria Economy: The Nigerian economy is one of the largest in Africa. Since the late 1960s it has been based primarily on the petroleum industry. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. Because this led to a great influx of rural people into the larger urban centres
However, despite Nigeria involvement and effort in attracting foreign direct investment, Nigeria is still facing an economic crisis situation featured by inadequate resources for longterm development, high poverty level, low capacity utilization, high level of unemployment, and other Millennium Development Goals (MDGs) increasingly becoming
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