The Cost of Foreign Investment in the Solid Mineral Industry in Nigeria
| dc.contributor.author | Igbayiloye, Oluwatosin Busayo | |
| dc.date.accessioned | 2025-05-05T13:26:55Z | |
| dc.date.available | 2025-05-05T13:26:55Z | |
| dc.date.issued | 2019 | |
| dc.description.abstract | The extraction of mineral resources of a country constitutes a drive for the flow of foreign investment. Nigeria is endowed with immense natural resources broadly dispersed across the country. Therefore, mining is carried out in most states. The solid mineral sector is currently an area of diversification because of the economic downturn after the fall in the price of oil. Hence, the government took certain steps to reform the mining sector, replaced the old mining regulations to provide a viable environment to attract foreign investment for economic development. Foreign investment while undoubtedly beneficial, causes harmful effects. The costs are particularly borne by the people and environment in communities where extraction occurs. This article gives a brief background of the exploitation of solid minerals in Nigeria and highlights the benefits of foreign investment in the mining sector. This article points out that exploitation of resources have negative consequences on the rights and environments of host communities including the economy in the long run. It analyse the laws governing the mining sector and finds that in spite of the reforms, the sector is confronted with several challenges. It concludes that foreign investment in the mining industry is beneficial to the country but the negative impacts far outweigh the benefits if not effectively regulated. This article suggests that in order for the nation to maximise the benefits of these resources, it is necessary that the government adequately considers the rights of those that will be impacted by the exploitation of the resources. Government needs to strengthen these laws for adequate protection of the rights of host communities in the development that occurs on their lands. | |
| dc.identifier.citation | University of Benin Law Journal | |
| dc.identifier.issn | 1117-8035 | |
| dc.identifier.uri | https://uilspace.unilorin.edu.ng/handle/123456789/16045 | |
| dc.publisher | Faculty of Law, University of Benin, Benin, Nigeria | |
| dc.relation.ispartofseries | 19 (1); 132-159 | |
| dc.subject | Mining | |
| dc.subject | mineral resources | |
| dc.subject | exploitation | |
| dc.subject | communities | |
| dc.subject | Nigeria | |
| dc.subject | solid minerals | |
| dc.subject | foreign investments | |
| dc.title | The Cost of Foreign Investment in the Solid Mineral Industry in Nigeria |