Promoting and Utilization of Nigeria Natural Resources for Economic Development

Abstract

The development of Nigeria has direct link with her natural resources, what are they and how they are utilized. Following the significance of natural resource to economic development, policies needs to be in place to ensure both short term and long term benefits. Apart from crude oil, the biodiversity sector has rich natural medicinal resource most especially the medicinal plants which is a driving force for development all over the world. Nigeria despite her immense economic promise is in dire need following the fact that unemployment rate remains high at 33.3% and the multidimensional poverty rate is 63%. Nigeria blessed with over 10,000 species of medicinal plants has only utilized less than 20% of its medicinal plant resources. To partake in the fortune of the global medicinal plant market that was estimated to reach $5trn by 2050 and has what it takes to provides economic development to nations, there is every need for the country to promote and utilize her natural resource for economic development. This paper thus explores; natural resources, economic development, natural resource potential for economic development and utilization of natural resources for economic development.