Predicting the Effects of Economic Diversification on Solid Mineral Development in Nigeria

Abstract

As argued by Hlavová (2015), many of the developing countries are rich in minerals and at the same time one of the least developed due to over dependence on one sector as major source of revenue. For rapid development in Nigeria, there is the need to move from the mono-based approach and tap into the huge opportunities available in solid mineral development. The fundamental objective of this study is to predict the effects of economic diversification on solid mineral development in the attainment of sustainable development. Adopting multiple linear regression model, empirical findings are indicative that solid mineral development would be of immense benefit to the diversification of Nigerian economy in the area of employment creation, infrastructural development and improved internally generated revenue. This will however be impossible if the right policies are not in place and vigorously pursued.