Mining As A Source Of Wealth Creation And Job Generation In Nigeria Mining As A Source Of Wealth Creation And Job Generation In Nigeria

Abstract

The purpose of this paper is to critically examine the role of mining as a source of wealth creation, poverty reduction Job creation income generation, and skills transfer in Nigeria.

 Mining  plays  a  vital  role  in  the  economic  development  of  many  countries.  The  emerging  economies are  now  major  players  in  the  production  and  availability  of  key  commodities  such  as  copper  (70%),  bauxite(40%),  iron  ore  and  precious  metals.  Mining  also  has  a  positive  impact  on  the  economy  of  many  countries. Another  impact  of  mining  can  be  measured   in  terms  of  employment  opportunities   and  income  generation. Commercial scale mining provides  employment  and skills transfer  to  more than 2 million workers. The  World  Bank  Mining  Department  has  carried  out an in-depth study  on economic and  social impact of mining at the community level in Chile, Peru, Bolivia, Papua New  Guinea  and  Mali.  The  most  positive  cases  are  related  to  the  growth  of  local  small-  and  micro-enterprise  activities. However,  mining  remains  controversial,  as  true  sustainable  development  is not  only  a matter  of  financial  flows. Mining  has  also  been  associated  with  a number  of  economic  and  social  problems.