| In The News
Nigeria has plenty of natural resources. Oil is the most important
among them. The minerals include Tin, Iron
Ore, Columbite, Coal, Lime stone, Lead, Zinc etc. But the government has not been successful to
direct the country to diversification of its economy.
Nigeria is an oil rich economy. 95% of its export earnings are from oil. The long periods of political
instability , corruption and macro-economic mismanagement never helped
to achieve the diversification of economy. The
military rulers depended on oil to provide 65% of the budgetary revenue. Other major industrial sectors are Coal, Tin,
Columbite, Palm oil, Peanuts, Cotton, Rubber, wood, Leather and Leather
products, textiles, Cement, Construction
materials, Food products, Chemicals
and Fertilizers , Ceramics,
and Steel.
70% of the people are employed in
agriculture. Nigeria was an exporter
of food stuff earlier; now it has to import food. Nigeria
has received debt- restructuring loan from
the IMF.
International Disputes
1
Benin – Niger- Nigeria demarcation
of boundary point.
2
Dispute over the Lake Chad region between Cameroon, Chad, Niger and
Nigeria.
3
Dispute with Benin over some
villages in Okpara river
4
Dispute between Cameroon and
Nigeria over the maritime boundary ; now referred to ICJ.
5
Bouram Island on Lake Chad .
6
The maritime boundary and economic
zone dispute in the Gulf of Guinea, which also involves Equatorial
Guinea
7
Boundary disputes with Chad.
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