1(1); 10 - 24 (1999) J.D, Adckeyet solid develop some ofthese min Development. invisible. encouraging the pr for rapid development and transformation with expected foreign capital ABSTRACT: Minieral production in Nigeria started in the early part of the 20th century. Tin \were the first set of minerals to be produced while oil came in the late 1950s, Revenue from oil export was high and this led to increased oil exploration and exploitation. A consequence of this was the neglect of the incrals subsector leading to decreased solid minieral production, The mid-1970s and early 1980s ‘glut in the oil market and increased pressure on Government to-execute her budgetary commitments forced Government to look elsewhere for funds, Government now refocused her attention on solid minerals and established agencies like the Nigerian Mining Corporation, The Nigerian Coal Corporation etc to specifically als. In addition, Government in 1995 established the Ministry of Solid Minerals, EARTH SCIENCES RESEARCH COMMUNICATIONS SOLID MINERALS DEVELOPMENT: NIGERIA'S ECONOMIC MIRAGE Mineral resources statistics shows that the minerals have not yet been quantified to the level where they | coud be placed inthe reserve category thereby making their potential contribution to economic development | The unique characteristics of the minerals industry were examined in order to assess their influence on tnineral development. It was found that some of the characteristics were capable of discouraging investment in the solid minerals subsector. This has been manifested by the low level of invest entrepreneurs, Therefore. the current major participant in the mincrals industry is Government through het established agencies that have equity shares in some of the privately owned companies. Government is now ate sector to be more involved in the minerals industry. This she is doing by providing ‘an enabling environment through good policies and adequate security of investment. The subsector is set 1 INTRODUCTION: Nigeria has been described as a country that is endowed with abundant solid mineral resources. During the colonial times and the period after the country's independence in 1960, coal and tin ranked high as Nigeria's foreign exchange earners. Other minerals such as limestone, gold, marble, | clay ete, were mined to a lesser degree mainly for local consumption. With the discovery of oil at Oloibiri | in 1956, and the accompanying income, less and less attention was given to solid mineral exploration and | ant in the subsector by id coal | developemnt, Consequently. there was a drastic fall in sotid mineral production from the mid 1960s to the | early 1970s. The oil glut of the late 1970s and early 1980s drastically affected the largely oil-revenue dependent | Nigerian economy. And with a fast growing population, an sasive landmass, and also an import-dependent | cconomy, provision of food, infrastructure and basic social amenities became a daunting task for Government, [F icranert of Geology and Mineral Sense Univers of vin, PMENTSIS, Hovin, Nigeria O 1999. Research Comniictons, Lagos [9]‘Adekeye Earth Sei, Rex Comm 11} 10-24 (1999) [ |Government, therefore. saw the need to broaden the national economic base by increasing the non-cl | sector exports so as to build in structures that will ensure Nigeria's lasting socio-economic growth, ‘The intentions of past administrations to develop the country's mineral resources were always enunciated in various Development Plans but were never backed by positive action. Budgetary allocations were never fully released and policies were never encouraging to attract private investors. This is probably because | government considered that mineral developemnt, being a high risk venture, is not a good investment for | government capital which could otherwise be used for projects that can make a more immediate and direct impact on development in the country. | Althoueh Government made some efforts to develop the mineral resources by establishing some agencies ‘ike (i The Geological Survey of Nigeria (GSN) (v) The Nigeria Uranium Mining Corporation (NUMC) | Gil) ‘The Nigerian Mining Corporation (NMC)_ (vi) The Nigerian Steel Development Authority (NSDA) (iii) The Nigeria Coal Corporation (NCC) _ (vii) The Nigerian National Petroluem Company (NNPC) (iv) The Associated Ores Mining Company (AOMC). itis obvios from their names that each of these agencies was created for specific purposes. Most, if not all of them, have proved incapable of fulfilling the objectives for which they were established mainly bex | of ether lack of adequate funding or skilled manpower. In addition, the prevailing poor economic conditions jad unstable political climate have accelerated their inactivity. Government saw that the death of the solid ‘minerals industry was imminent and had, in 1995. to establish the Ministry of Solid Minerals Development. ise | The ministry was charged with the responsibility of managing the solid minerals sector of the economy ‘with a view to improving its performance. This was to be achieved by making attractive policies, enacting ‘meaningful mining laws, creating data base as well as making investment promotion drives through public enlightenment initiatives. Government is aware that she alone cannot provide the funds and facilities required by the minerals industry [and therefore needs the assistance of the private sector either as Loa from financial institutions, or as extemal grants from such bodies like the World Bank ete, Such funds will naturally provide succour for Government by easing the pressure on budgetary allocation knowing fully well that the fund can be spent on mineral development only. Government is now much more inclined to invite, encourage and assist the private sector to take part in the minerals industry development knowing fully well the pote mineral development can make to the general economy. Recent pronouncements by various agencies of Western countries oftheir readiness to invest in Nigeria's minerals industry ial contribution fe be very encouraging, If the Nig ian Government can create an enabling investment environment through favourable policies and security of investment, the much needed foreign capital for mineral development will be forthcoming,id Minerale Developrent a | 2, MINERAL RESOURCES OF NIGERIA: A mineral resource is the more general term refer to the geologic endowment of minerals in the earth's crust in such concentration that commerical extraction is either presently or potentially feasible /1). It has also been defined as that quantity of mineral contained in deposits which, if they were discovered, could be produced under stated economic conditions and currently feasible technology or technology which will be feasible in the near future [2]. Hence resources are a function of some original endowment, economics and technology. Gentry and O'Neil //) went further to define "reserves" as a subset of "resources". that is, that portion of resources that can be extracted at a profit under present minerals price/production cost regime. It would have been discovered by an optimum amount of exploration, given the specified economic and unconstrained markets. | Nigeria is endowed with abundant mineral resources (Table 1). According to Gwadabe (1999). over | 33 minerals have been identified in Nigeria with each at different stages of exploration and developemnt (Tables 2, 3, 4 & 5). Minerals so far identified can be grouped into several usage categories as itemized in Table 1. As can be seen in Tables 2 to 5 detailing location and reserves of some minerals which are true representatives of the other minerals, most of them are not yet quant and therefore fall into the resources category. For appropriate economic appraisal. it is necessary to put them in the category ouly indieates mineral endowment. Much as the country can boast of mineral endowment, she also needs to move a step further by exploring and quantifying these resources. Its only then that she can be mineral import-independent, which she deserves to be by virtue of her mineral endowment | Solid minerals in this discussion include all minerals with the exception of energy minerals like petroleum, | gas, coal, tar sand and uranium "3.0. CHARACTERISTICS OF THE MINERALS INDUSTRY: The minerals industry is associated [vith certain characteristics that make investment in it very unique. Some of these characteristics, perhaps, ‘may account for the low-level investment in the industry. Among the characters are the following: nce: Mineral deposits are usually of localized occurence and of unequal distribution | not only in space but in time and kinds of mineral throughout the world /47. The deposits occur in fixed | amounts and with cost of exploration and exploitation increasing with depth. Some nations are well endowed | with them while others are not so lucky. ‘Thus, the irregular distribution of minerals among nations makes them to account for a large proportion of international trade. 4.2 Capital Intensive Nature: Mining ventures are extremely capital intensive. Although the magnitude reserve category because the reserve category is the only category that can attract investment. Resources | 2Tole Mera Ra teh MINERALS OROUTINOTROVENRATIONALENGONMENT Tei aan iit tri nt tn an Frm Met Tings Nat, Then Me {et he, Ta, Tana, eam Semin nain Meena at loupe Gin Linn econ era Food Sn Sie Kye lal an Ano Mi Te, apes ha Sn Paha, pen Lnson ma ne “ nme ut Sad, Doe (Gore: Mini i Sd Mien Degen) TTARLE. Kein Depa gre i Comin 1051024 (909, 2. ameter Dealer ae ra [ete] eee coca aag es ote Tie Niger Deeaie Dai oy ok Pose Gen TC ing Mat Mae Steg nce ines Tasting iain Mabie Indy et Mate rate Con Re inane ‘Comey inte LUmeesneCeme oo" aie Meri ain Sg Cony at nie law iy an Bick eng hry et ate grin Mabe ME conan Satire (om: Niu Ming Caper 4Sees. Comm (1-10-24 (1999) _ | [oF eapta required fora new mining venture will vary for many reasons like the type of commodity | method, mine mining , location and other parameters, major new mines may require financial commitments from N500 million to NS billion or more. Even extremely small high-grade precious metal mines employing | jonly a handful of miners can rarely be developed for operation for less than NSO million | | 3.3_Long Pre-Production Periods: It takes a number of years of intensive effort (reconnaissance. | exploration, pre-developemnt and developmient) before the property is brought on stream and ore is produced | on a continuous basis. This can range from 4 to 6 years or even, in some eases, 10 to 12 years /5]. This long lead period further increases the risk in investment and capital intensity of the venture. | | 3d High Risk: In general, the risks associated with mineral development include geologieal, economic and | political risks oo ~ = Geological risks may be caused by wrong interpretation of the geotogical setting, or wrong interpretation | of exploration data leading to wrong assessment of mineral values, + Economi nitly and isk may arise as a result of changes in the mineral markets. Prices fluctuate signifi markets. = Political risk may arise out of political instability in the producing country. Changes in government often, precipitously for mineral commodities which are traded in internatio lead to changes in policies. and outright expropriation may even be introduced Non-Renewable Nature of the Resource: The most unique aspect of the min that it deals with the extraction of a non-renewable resource. One result of this fact is that revenues from | [mining are derived from a pi disposal of the ore body. A second im lives determined by the size of the ore deposit and the mining rate. Investors need to receive an adequate return on their investment by the time the ore reserves are depleted and hence new deposits must be continually discovered and developed. | | | | als industry is the fact tis all mines have finite | 3.6 Commodity Groupings: The industry is characterized by its organization into several brond commodity | groupings /6, 7). Fisher (6) grouped them into six while Wright and Bummett (7) grouped them into three. In this discussion, the grouping adopted is that of Wright and Burnett /7/. The groupings are:~ The metals, industrial minerals including the non-metallic and structural materials. and the n incral fuels. Each group has its own economic and technical characteristics and related policy problems and requirements in the industrial economy, | Metals possibly have more critical problems of depletion, declining grade, and inequity of world distribution bees | materials are characterized by low vi e of their more localized occurrence and the relatively small size of their deposits. The structural cand large volume. They usea heterogenous group but have certain[ Shi Mineral Develepmet in Nigra common characteristics such as widespread occurrence, strong market orientation, a high degree of | competition among the several producers operating in areas located near cities or large construction sites. and minimum but unique procedures of preparation for marketing including quality control. For the non- metallics, grade control and specifications are particularly important and determine the type of market and use, 4. PARTICIPANTS IN MINERAL DEVELOPMENT: Minerals are considered to be the key to | development and the foundation upon which our modem society is built. Goods made from mineral raw | | materials are the basis of all advanced societies. Adequate supplies of mineral materials and wise usage of | | mineral resources have always been the most important determinants of a nation's survival /8/. Since | minerals form the basis of industrialization.it behoves on nations that have rich mineral deposits to make use of this wealth as a springboard for development. The value of the mineral industry to the economic development of a nation is now being appreciated by mineral-endowed nations ‘There is, however, widespread agreement that mineral development is not a good investment for government ‘oF local capital or even foreign assistance capital because such capital ean be put into other uses which make a more immediate and direct impact on the country (e.g, indust 1 development of consumer goods). This is because most developing countries are seriously lacking in capital, Moreover, private sector participation has largely been low because most entrepreneurs consider investment in mineral ventures as rerals to economic development, the government is compelled to develop her mineral resources. Because she is under financial | very risky business, which indeed it is. Having realized the potential contribution of m and polticial pressures to raise the living standard of her citizens, and she is equally’ under pressure to pay iported goods, Government, therefore, decided to get involved in the development of her resources and for political as well as economic reasons fels it necessary’ | to exercise a degree of control over such development. Hence, Government became an active and leading | | participant in mineral development. | back extemal loans as well as make payments or Government did this by establishing some agencies, the foremost of which was the Nigerian Mining Corporati n (NMC). The NMC thereafter acquired controlling shares in some of the relevant companies in the name of joint ventures (Table 6). Some mineral-based industries established by Government are as | shown in Fig, 1 (97. Government is aware that she alone cannot provide the required finances and faciliti J of the minerals industry because of the generally low level of available financial resources. She has to | create the enabling environment through policies and safety of investment in order to entice, encourage and | involve the private sector. Thus, these days, large integrated private corporations and petroleum companies | are getting involved through the system of joint ventures. This is with the awareness ofthe strong possibility~Adeheye, Earth Sh, Rex Comm (1): 10-24 (1999) of failure of the project and the corporation's ingness to accept such failure as part of business. Other participants are individuals whose activities lack any organization and tend towards illegality. Usually, there are no proper records of their activities, thus leading to loss of revenue by Government. These individuals are high employers of labour and should, under normal circumstnces, be contributing significantly tothe economy, However, because of their illegal activities, they have been denying Government of a lot of revenue in taxes and royalties. These operators are very active in the mining of gemstones. Government needs to monitor and control their activities in order to be able to derive maximum benefit from their | operations. CURRENT STATE OF MINERAL DEVELOPMENT: Government is aware of the potential _ contribution minerals can make te eeonomicdevelepemnt, Various mineral production statistics (Tables 2 | to 5), newspaper reports and even pronouncements by Government officials, however, indicate that the | |ininerals industry remains largely under-developed, This pathetic situation is quite unwarranted and uunaccepatble judging by the enormous mineral endowment of the country | Although cassiterite, columbite and coal were the first set of minerals to be produced in the early part of the 20th century, production of industrial and construction minerals also followed almost immediately particularly for domestic uses. Petroleum production came the late 1950s with the discovery of oil at Oloibiri, Its production brought in more money in terms of foreign exchange eranings. Thenceforth, emphasis shifted | from solid mineral production to oil exploration and production. With large amounts of money accruing from the the sale of oi \ecounting for over 95% of the fiscal year budget, the solid minerals subsector continued to receive less and less attention, It was in the late 1960s that the Government decided to develop the iron ore with the hope of using it as a springboard for industriaization. Even then, lack of capital and political will, and bad management have not allowed the project to get to completion till today. The | economic boom of the mid 1970s further aggravated the neglect of the solid minerals subsector. Yet, with the economic recession of the late 1970s and early 1980s, one would have expected government to have a | rethink on solid mineral developemnt, This was not the case! It was in the mid 1980s that Government had | | to look for alternatives to oil as foreign exchange eamer as well as to broaden the country's industrial base. | The solid minerials industry rightly qualifies as one of these alternatives as it could be rapidly developed. From then on there had been attempts by government, and calls by individuals and corporate bodies on government, to ensure rapid and sustained development of the sub-sector. In spite of these calls, the subsector still remains underdeveloped. This made Nwosu //0) in a recent statement to describe the situation as "Oil's fortune, Solid Minerals misfortune." In an attempt to sensitize investors to the need for development of the mineral resources of the nation andSaid Mines Development in Rigi, Tale Wl rode Si 3 E seszazroog E tra or roealso to accept the country's minerals as possible import subititutes due to lack of foreign exchange for imports, the Nigerian Mining and Geosciences Society (NMGS) and the Lagos Chamber of Commerce and Industry organised a National Workshop titled "Mineral Raw Materials for Nigerian Industries” in October, 1985. The aim of the Workshop was to encourage for development those industrial minerals that could be locally sourced. Many papers presented at that workshop in some ways addressed the issue, especially (11, 12, 13]. In 1986 it was reported that the contract to mine the Itakpe iron ore deposit was to be awarded and that the mining of Hesha gold deposit had started /74. ‘The Guardian Editorial Opinion (15) of September, | 1986 while commenting on our mineral resources asserted that our almost total reliance on oil for revenue had made the economy highly vulnerable, It went further to suggest that it makes economic sense to keep searching for minerals and assess whatever quantity nature has in reserve for us. Tn the same vein, the importance of mineral raw mateirals for Nigeria's econoinic recovery has also been highlighted (16). The author also strongly advocated for increased and rapid exploration of the nation’s mineral resources. In an attempt to halt the drain on the nation’s foreign exchange, the Ceramic Manufacturers Association and the Federal Governemnt agreed in 1987 to team up to produce refractories as soon as the Ajaokuta Steel plant commenced production. It was anticipated that demand for refractories would rise from 2.214 tonnes worth N1.3 million in 1975, through 20,676 tonnes worth N24.9 million in 1978 and 38,320 tonnes | worth N34,9 inilion in 1981 to 118,220 tonnes worth N76.95 million in 1987 even at the 1981 price | Also -aw materials for high alumina refractories can be locally procured 17) and local investors should | take up the exploration for ceramic raw materials. Also, in 1987, the Mi er of Mines, Power and Steel, | while condemning the activities of ilegal miners of gemstones, noted that their activities were causing a | huge loss of revenue to Government //8]. He went further to inform Nigerians on the efforts Government | was making onthe incentives being offered to those interested in investing in solid mineral development. He n entrepreneurs to come forward a | passionately appealed to Nigeri invest not only in gemstones but also |in other solid minerals [Ina report titled "Review of Minerals Act underway" the Ministry of Mines, Power and Steel through one | ofits Directors /19), reported that "The Minerals Act" - the document Governing mining operations in the country “was to be reviewed". The move was aimed at completely overhauling the mining industry which ‘was currently threatened by both legal and illegal miners leading to a loss of about N100 million annually In a report titled "New solid minerals policy awaits enabling decree" the Minister of Solid Minerals Development /20] was reported to have said that the new tional policy on solid minerals and the outdated mining laws of 1964 and allied regulations had been reviewed and approved by the Federal Executive Council but were awaiting the promulgation of decrees to back them. This was clearly seven years after‘Solid Ninirals Development in Nigeria Wakaud’s [19] report and clearly shows the type of commitment Government has towards solid mineral | development! In 1995 when the Federal Government established the Ministry of Solid Minerals Development, mineral | industrialists and experts were happy about this development and hoped that the prevailing situation in the minerals industry had changed for the better: In 1996, the Ministry produced a document titled "SOLID MINERALS DEVELOPMENT IN NIGERIA". The document gave the mineral inventory, production statisties, incentives for investors and strategies Government planned to adopt in solid minerals development, ‘The document emphasized that the mineral resources of Nigeria remain largely untapped, and therefore Government intended to develop same for increased revenue generation and employment creation. In March, 1999 it was indicated that the solid minerals subsector alone could contribute $30 billion to the Gross Domestic Product (GDP) as from year 2,000, and that at full capacity the subsector will generate full emplovmsnt for at least 200,000 people (21). In fall wareness of the potential contribution of this subsector to the economy, The President in his | supplementary Budget to the National Assembly on July 27, 1999 said "Every encouragement will be given, | to investment inthis heavily under-exploited sector of natural resources.: Incentives are being worked out to.encourage professional large-scale investors" (22). As ifit was an answer toan SOS call, report in the Guardian of July 29, 1999 /23] stated that "US financiers dangle $Smillion (about N490 million) on Nigeria's solid mineral developemnt". The financiers are ready to commit this huge amount of money for exploration and exploitation because they had identified the solid minerals subsector as one of the areas with growth potentials. Only two conditions were attached to this investment opportunity: ~ the creation of an enabling environment through policies, and = adequate security of investment On September 10, 1999 Gwadabe /3/ in a report titled "Developing the solid mineral sector" said that | about 33 solid minerals occurring in about 450 locations nationwide have been identified and are currently at various stages of exploration and exploitation, He regretted that in spite ofthe potentials of solid mineral resources of Nigeria, not much attention has been paid to the development of the sector by previous administrations, He further explained that it was only recently that the government found it necessary to develop the sector in the hope of injecting fresh funds into the economy as a result of the current global oil politics and the fluctuation in oil prices. Another report indicated that Nigeria and South Africa were taking | practical steps towards investment and technical cooperation in the solid minerals sector (24). This was after discussions with a team of visiting South Aftican technical and investment experts. It has also been recommended that s erals should be targetted to become Nigeria's main foreign exchange earner. [25]. To lend weight to this statement, on November 24, 1999 The President, in the presentation of his 2,000FY appropriation bill restated his administration's commitment to solid minerals development b | — U fo!laying emphasis on funding of aerial geophysical survey and exploration of the solid mineral deposits to encourage private investment in the sector. From the above pronouncements, it is evident that Government is aware of the great potentials of the solid minerals Subsector and the contribution it ean make to economic development. Government is also aware that the subsector has remained largely underdeveloped and thus an economic mirage. Government, however, is eager to develop the subsector so that it can contribute its quota to the nation’s development. And so, she is eager to fund it alongside the private sector by providing good policies and security of investment Government encouragement can turn this subsector into an economic reality if she will go beyond political thetories 0 DISCUSSION: The facts that Nigeria is well endowed with mineral resources and that she stands to derive many benefits from proper development of the minerals industry are incontrovertible, However, to | justify the calls of those yearning for solid mineral developemt, itis necessary to discuss some of the benefits derivable from solid mineral development. Generally, minerals have been known to contribute to a country's economic development and Nigeria stands to benefit from mineral development in terms of and environment for development. provision of finance, 1 of G.1_Finance: The most direct and apparent contribution to government is direct ineorné in the for profits from government - held corporat ns, or taxes and royalties from private operators. In addition, there is an important contribution to foreign exchange earnings because much of the mineral production will be exported. The foreign exchange earings will contribute to the balance of payments which is achieved with relatively little demand on other sectors of the economy, and is essentially a direct flow of ‘wealth into the economy. ‘The lessening of the balance of payment constraint on development can greatly | increase the rate of growth of the economy. It is generally recognized that developing countries need a | rapid and sustained increase in export carnings to cover the imports of capital goods and to service their [foreign borrowings. Mineral exports fit ideally into this picture, In addition to these financial b | there are other contributions. For example, much of the sales income of the producers goes back ‘economy to pay local wages, to purchase supplies and materials, and in the case of national producers and frequently of private enterprises, it retums as new funds available for additional,local investment. 6.2 Infrastructure: This is the very visible, ditect impact which is generally difficult to assess but which is critical as a contribution to development. Because mineral development is a large-scale technically oriented industry, it must be served by a modern highly developed infrastructure. This may involve construction of new railroads, roads, air fields, ports, power supplies and the full range of social facilitiesincluding towns, schools, hospitals ete. ‘These will generally lead to an improved standard of living of the people in the mineral producing area. There can even be technical spillover of economic linkages whereby certain materials and supplies needed by the mining operation are produced locally rather than imported. This will not only assist in creating mamufacturing units, but also increase the degree of integration of :the nine into the country’s economy. . 6.3 Environment for Development: This isthe contribution of the mineral industry to the ereation of an environment that will accept and encourage development. The most obvious illustrucation is the role ofthe | industry in providing technical and managerial training and experience to citizens of the host country. This | ranges from the engineering and supervisory level down to the level of the technician, the artisan and the | machine operators. It is generally accepted that the population of areas in which mineral development | takes place, having been exposed to scientific techniques and thinking, can be expected to be more receptive to development than their fellow country men who have not yet received the same type of exposure. Other Are: 6 Other Ares of Benes of Benefits: These include the following: \- mnt for able-bodied people from the immediate or general environment, | | + Improvement in the living standard of workers because they carn salaries and wages. ‘This will also improve | |. | Provision of employ’ the economic atmosphere ofthe area because the purchasing power ofthe citizens has improved Mining companies will usually provide acconmmdation and some other facilites for workers and this will make fife more comfortable for them Provision of technieal and managerial training tothe local people, some of whom ca later go out of the minerals industry to use the training in other sectors of the economy. | Mining companies wil bring in several types of technical equipment needed for their operations and which will continue to be useful tothe nation’s technical development | = Several ofthe supplies and materials will of necessity, be purchased locally and this will also improve | the local economy of the immediate environment and even of the nation at large The above derivable benefits clearly demonstrate that there is much more to be gained from solid mineral | development than is usually recognized and that there is very much fo lose from the non-development of solid mineral resources apart from the easily identified financial contribution, Its, therefore, in Nigeria's interest to develop her solid mineral resources. ACKNOWLEDGEMENT: I wish to acknowledge the contribution of my colleagues at the Department of Geology and Mineral Sciences, University of Horin through ws ful discussions on this subject-matter over the years,‘Adekeye, Earth Sci. Res, Comm. 10} 10-24 (1999) REFERENCES 1, Gentry, D.W.and O'Neil, T. J. (eds) (1984), Mine Investment Analysis. Soc. Min. Eng, and Am. Inst, Min, Met. and Pet, Eng, Inc. New York. 502 pp. |2. Harris, D, P. (ed) 1984: Mineril resources appraisal, mineral endowment, resources and potential | supply: concepts, method and cases. Oxford Geological Sciences Series, Oxford 445 pp. 3. Gwadabe, M. (1999): "Developing the Solid Mineral Sector" The Punch Newspaper, September 10, 1999, p. 21 4, Toombs. R.B. and Andrews, P.W. (1976): "Minerals and Moder Industrial Economies". In Economies | of the Mineral Industries, 3rd Ed., Vogely, W.A. (ed). Am. Inst. Min. Met, and Pet Eng, Inc., New York- 5. Snow. G. G. and Mackenzie, B.W. 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"Review of Minerals Act Underway" The Business Concord, March 5. 1991 pp Land 14 Ali, K, (1998). New Solid Minerals policy awaits enabling decree” The Guardian Newspaper, April 24, 1998. p. 28. Adauana, G. D. (1999): Solid Minerals: Nigeria targets $30 billion", ThisDay Newspaper, March 25, 1999. p. II Obasanjo, F- (1999). 1999 Appropriation Bill (supplementary Budget) submitted to the National Assembly. ‘The Nigerian Tribune Newspaper, July 28, 1999. p.7 Gwadabe, M. (1999), "U.S. Financiers dangle $5 Million on Nigeria's Solid mineral development. ‘The Guardian Newspaper, July 29, 1999. p. 39 Gwadabe, M. (1999): "Nigeria, S/A¥tica to cooperate it September 21, 1999. p. 59. Rahman, M. E.H. A. (1999), "Solid minerals may become Nigeria's main forex camer." ‘The New Nigeria, Newspaper, September 28, 1999. p. 24 Obasanjo, 0. (1999). 2,000FY Appropriation Bill to the National Assembly, ThisDay Newspaper November 25, 1999. pp. 8 & 9. lid minerals sector" The Guardian Newspaper, 2