JOINT VENTURE AGREEMENTS AS A TOOL FOR REVITALIZING NIGERIA’S SOLID MINERALS SUB SECTOR

ABSTRACT

1.       Statement

The contribution of solid minerals to the Gross Domestic

Product (GDP) and Foreign Exchange earnings of the country

has been on the decline since the discovery of the Oil Minerals

(Crude Oil) and its commercial exploitation in the late 1950s.

The unwholesome reliance on the mineral has not only led to

the progressive neglect of other sectors of the economy such as

Agriculture, Mining, Manufacturing etc. but has also led to

structural imbalances in the economy, with the effect becoming

manifest in the 1990s.

To address this problem the Government has decided to

explore other viable alternatives that have hitherto been

neglected in order to diversify the revenue base of the country.

The solid minerals sub sector is a viable alternative in this

regard and there are indications that if properly harnessed, the

sector has the potential of contributing substantially to the

revenue earnings of the country in the 21st

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