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DIVERSIFICATION OF THE NIGERIAN ECONOMY: AGRICULTURE AND SOLID MINERALS AS PANACEA*

Evbuomwan, Grace O. (2016) DIVERSIFICATION OF THE NIGERIAN ECONOMY: AGRICULTURE AND SOLID MINERALS AS PANACEA*. BULLION PUBLICATION OF THE CENTRAL BANK OF NIGERIA, 1 (40). pp. 50-69. ISSN 0331 - 7919

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Abstract

Diversification of the Nigerian economy with specific emphasis agricultural and solid mineral sectors is feasible in view of Nigeria's endowment. Nigeria has a large expanse of agricultural land. This 77.7 per cent of Nigeria's tota l land area which is 910.8 thousand kilometres. Of this total, 37.3 per cent is arable land, 7.4 per cent is permanent crop and 9.0 percent is under forest. Therefore, substantial still available for agricultural activities. Most importantly, Nigeria's a diverse, which include four sub-sectors, namely; crop, livestock, fishery forestry which are yet to be ful ly exploited. In the same vein, Nigeria is bl with a wide variety of solid minerals which are widely distributed in the states of the Federation. So far, about 33 solid mineral commott occurring in about 450 locations nationwide have been identified. include coal, cassiterite (tin ore), columbite, marble, tantalite, wolfram, lead, zinc, limestone, kaolin, clay, shales, and radioactive minerals monazite, zircon, molybdelite and barytes. Others are glass sand, sand, uranium, serpentine, phosphate, cuprite, granite, talc ore, feldspar, bentonite, soda ash, iron ore, dolomite, etc. Thus, Nigeria with most of the mineral raw materials needed as inputs for production. An effective partnership between government and the sector in exploiting these abundant agricultural and solid mineral which are well distributed all over the country, will certainly put Nigeria part of sustainable growth and development.

Item Type: Article
Uncontrolled Keywords: Diversification, Economic Development, Minerals.
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HG Finance
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 22 Feb 2018 08:55
Last Modified: 22 Feb 2018 09:07
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/10231

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