Solid Mineral Resources a Road Map Towards Nigeria Economic
Diversification and Development

Prince Christopher Achor

doi:10.56201/wjfir.v9.no5.2025.pg12.26

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Solid Mineral Resources a Road Map Towards Nigeria Economic Diversification and Development

Prince Christopher Achor

Abstract

The over dependency on oil and gas sector over the past five decades has placed the Nigerian economy to quiver stemming from the fluctuations in the international oil market. This, have prompted, the focus of scholars and decision-makers towards diversification of the Nigerian’s economy through its sold minerals endowments. Thus, it is on this premise that this study examined the solid mineral resources as a road map towards Nigeria's economic diversification and development adopting time series data from 1982 - 2023. The ARDL (Autoregressive distributive lag) model was used to analyze the solid mineral resources and Nigeria's economic growth. Variables employed in this study include; Real GDP growth (REGR), Coal (COL), Metal Ore (ORE), Quarrying and other Solid Minerals (QOD), Gross Capital Formation (CF), and foreign direct investment (DI), The findings derived from ARDL estimation indicate that solid that solid minerals resources impacted significantly and positively on Nigeria's economic growth rate, both in the short-run and long-run during the study period, hence, this shows that a rise in the production of solid minerals will transform to an upsurge in Nigeria economic growth. Furthermore, the empirical findings also demonstrated a long-term relationship between solid mineral resources and economic growth, with causality directed from solid mineral resources to Nigeria's economic growth. Additionally, the error correction term (ECT) was well estimated, and explains the short-run dynamics vital for stable relationship in the long-run equilibrium among variables in the model, and it is well specified and is significant to Nigeria economic growth. Thus, this study concludes that a solid mineral sector if positioned very well will provide the needed country’s foreign exchange, and absorb the growing population; which will reduce unemployment, reduce illegal mining, and be a catalyst for economic growth and development. Therefore, this study r

Keywords

Solid mineralsEconomic diversificationeconomic growth

References

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Solid Mineral Resources a Road Map Towards Nigeria Economic Diversification and Development

Abstract

Keywords

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