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The most economically valuable minerals are crude oil, natural gas, coal, tin, and columbite (an iron-bearing mineral that accompanies tin). Petroleum, first discovered in 1956, is the most important source of government revenue and foreign exchange.
Nigeria is richly endowed with a variety of Natural Resources raging from precious metals various stones to industrial such as Barites, Gypsum, Kaolin and Marble. Most of these are yet to be exploited.
Natural Resources . Nigeria is also blessed with an abundance of resources. The country is most widely known for its vast hydrocarbons wealth. It was home to 37.1bn barrels of proven oil reserves (see Energy chapter) in 2015. At current production rates, this will give the country another 43 years worth of oil revenues.
Nigeria is significantly endowed with natural resources. Of the total country area, 60% is agricultural land (Geomatics International et al., 1998) and much of the remainder contains important biodiversity and natural ecosystems. The country is well-endowed with water resources, averaging about 2,250 m3 per capita per year (FAO, 2005). Most ...
Nigeria is home to numerous natural resources, including the second-largest oil reserves in Africa after Libya, and the highest natural gas reserves on the continent, standing at 206trn cu feet in 2022. Nigeria is Africa’s second-largest oil producer after being overtaken by Angola in April 2022.
Nigeria's crude oil and natural gas resources are the mainstay of the country's economy. Because Nigeria heavily depends on oil revenue, its economy is noticeably affected by crude oil price changes.
STORY HIGHLIGHTS. More than 12 million people benefited from the $900 million Nigeria Erosion and Watershed Project (NEWMAP) that reinforced the country’s ability to fight climate induced erosion, natural hazards, and disasters.