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Derginin Adı:
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Khazar Journal of Humanities and Social Sciences
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Cilt:
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2016/19
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Sayı:
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1
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Makale Başlık:
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An Empirical Analysis of the Contribution of Mining Sector to Economic Development in Nigeria
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Makale Alternatif Dilde Başlık:
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Alternatif dilde başlık bulunmamaktadır. There is no article title in another language.)
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Makale Eklenme Tarihi:
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28.02.2016
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Okunma Sayısı:
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1
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Makale Özeti:
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Nigeria is richly endowed with vast but largely untapped natural resources including solid
minerals and arable land. Mining industries have been viewed as key drivers of economic
growth and development process, as lead sectors that drive economic expansion which can
lead to higher levels of social and economic well being. Contributions from mining as a
percentage of GDP in rich countries are usually between 2-8 percent. In Nigeria, the
contribution is still low at 0.15 percent, one of the major factors responsible for this is as a
result of over dependence of the Nigerian economy on the proceeds from the sale of crude
oil for over four decades which is at the expense of other sectors such as mining and
agriculture that contributed significantly to the Nigerian economy before the emergence of
crude oil. In the light of this, the study presents an empirical analysis of the contribution of
mining sector to the economic development in Nigeria from 1960 to 2012. The study
employed Error Correction Model (ECM) to examine the short run and long run effect of
mining sector‟s contribution to Nigeria economic development. The study harnessed time
series data to evaluate the impact of the specified key sectors; crude petroleum and gas,
solid mineral, manufacturing and agriculture on the economic development proxied by per
capita income. Equally highlighted are the problems militating against the mining sector in
Nigeria and the strategies for its transformation of the economy. The finding revealed that
the value of solid mineral have strong impact on economic development in Nigeria. Thus,
Nigeria needs to urgently develop her monumental mining potentials in order to diversify
her economy and to achieve rapid economic growth and development.
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Alternatif Dilde Özet:
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Alternatif dilde abstract bulunmamaktadır. (There is no abstract in another language.)
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