Natural Resource Exploitation and Socioeconomic Development in Nigeria (1981-2015)

Abstract

Natural resources availability in any country contributes immensely to its wealth base and aids socio-economic development. This paper examined the natural resource potentials vis-à-vis challenges and prospects as well as the extent to which these resources have been harnessed to aid socioeconomic development in Nigeria. The study adopted the library research method. Secondary data were analysed statistically. Findings showed that aside crude oil and gas, the abundant natural resource potentials
available in Nigeria, have been marginally exploited. The overdependence on crude oil becomes a major challenge to natural resource development among other factors including poor technology and technical know-how, low investment in agriculture and the mining sub-sectors, environmental degradation and so on. It was recommended, among others, that the Nigerian government should diversify the economy by
investing massively in the agricultural and mining sub-sectors to enhance sustainable natural resource development. value added sectorial complementarity and entrenchment of transparency and accountability in the public sector in relation to the management of wealth accruing from natural resources should be ensured for sustainable development and improved living standards of the citizenry.