An Evaluation of the 1971 Mineral Resources Policy of Nigeria

Abstract

The development of mineral resources will not only promote local industries, it will also achieve through foreign trade in minerals and metals, a favourable balance of payment position for the country. For this to be achieved, a new and virile policy should be put in place in order to guide the exploration, exploitation and evaluation of these mineral resources. The 1971 mineral resource policy, which is the last, is stale and needs to be reviewed. The policy is found to contain many defects. It was observed that employment generation, increase in private sector participation in the mineral resource development, encouraging technology transfer and development, attracting foreign exchange capital etc were not adequately taken care of. Also, strategies for effective implementation, incentives for investors and guidelines for participation were also not taken care of. The paper, based on the assessment of the 1971 policy,recommends measures such as provision of greater employment opportunity, increased export and foreign exchange earning, improving technological skills, encouraging development of infrastructural facilities like electricity, good access roads and water, (especially for rural areas) as well as effective guidelines aimed at fashioning out a new policy for mineral resources development in Nigeria.