7 Great Importance of Mineral Resources

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The importance of mineral resources extraction

There is nothing as crucial as having mineral resources in a country. The importance of mineral resources can never be underestimated, considering how they impact the economy of a nation.

For instance, the extraction of these minerals creates employment in a country and also earns a country’s foreign exchange.

Unfortunately, mineral resources are scarce and are only found in a few countries. An example of a country that can be considered to be rich in mineral resources is Nigeria.

Mineral resources in Nigeria is huge! Many of these resources are extracted and they all impact the economy in one way or the other.

Pictures and Importance of Mineral Resources in Nigeria

In this article, we are going to look at the various mineral resources found in Nigeria and its importance.

1. Crude Oil

Of all countries in Africa, Nigeria is known to be the number one producer of crude oil. Going by the information released by Nigeria.gov.ng, there are approximately 160 trillion cubic meters of gas and 23 barrels of crude oil in Nigeria.

The main areas where oil deposits are found in Nigeria include Cross River, Delta basin, Albia, Ondo, Imo, Rivers states, Akwa Ibom – one of the richest states in Nigeria, and many other areas.

The oil extracted in Nigeria is known to have high paraffin content and is low-sulfur. Talk about the sources of government revenue in Nigeria, the extraction of crude oil contributes significantly to the Nigeria’s economy as crude oil creates employment and earns the country’s foreign exchange.

2. Gypsum

Another mineral resource found in Nigeria is Gypsum. Gypsum is a vital mineral resource and is used to produce cement.

Other than producing cement, Gypsum can be used for other purposes, and hence, its extraction is essential.

Through Gypsum extraction, Nigeria can provide approximately 8 million tons of cement every other year. Cement production is necessary as it helps in the building of social amenities across the nation.

It also saves tremendous Nigerian amounts of money they would incur if they were to import cement.

3. Bitumen

Nigeria is also known to have several bitumen reserves, and these reserves have approximately 40 billion tons of bitumen.

Bitumen extracted in Nigeria can be used for multiple purposes. For instance, it can be an asphalt binder or can be used in road construction.

Several roads in Nigeria have benefited from the extraction of bitumen since it is one of the most needed materials in road construction.

4. Coal

When considering the importance of mineral resources in a country, it would be unfair to leave out the core.

Coal is known to be a reliable energy source across the globe and thus is very important to us. There are very many coal deposits found across Nigeria, and this makes Nigeria one of the wealthiest countries as far as mineral resources are concerned.

The coal produced in Nigeria does not have any harm to the environment and hence, is considered to be the best.

Coal extraction provides the energy needed to run industries in Nigeria and thus saving the country a considerable amount. It can likewise be imported to earn the country foreign exchange.

5. Lead & Zinc

There are very many deposits of Lead and Zinc in Nigeria, and the importance of these minerals can never be underestimated.

The reserves in Nigeria contain approximately 5 M tons of lead and Zinc, and when extracted, these minerals can be used for local demands or exports.

6. Talc

Another essential mineral resource found in Nigeria. There are more than 41 M tons of Talc in this country, and the main areas where the reserves are included Ogun, Kogi, Niger, Osun, and many others.

More than 3K tons of Talc is produced in Nigeria every other year. The extraction is this mineral is essential for local and export demands. It is generally used in different industries for several purposes.

7. Gold

It’s considered to be one of the most precious minerals in the world. Recently Nigeria has discovered Gold deposits across the shale belt, and this gold is being extracted in small quantities.

Gold is an essential mineral resource, and when imported, it earns Nigeria foreign exchange, which helps to improve the living standards of Nigeria’s Citizens.

Conclusion

As previously said, the importance of mineral resources in a country can never be underestimated.

Nigeria is one of the wealthiest countries in Africa as far as mineral resources are concerned, and the extraction of these resources has benefited Nigerians in several ways.

For instance creation of employment, development of infrastructures, social amenities, and many other benefits.

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