AN X-RAY INTO OWNERSHIP AND CONTROL OF MINERAL RESOURCES IN NIGERIA

Abstract

Mineral resources are the result of mineral and organic formations in the earth's crust creation, over millions of years starting with the first sources of the earth's origin. Incredible opportunities for use and application of the earth’s subsoil in the economy were opened during its development by the human being. The roles of minerals in the life of humankind are enormous. Most people on earth go through life unaware of what may be happening beneath their feet, deep down in planet earth, and only appreciate these processes when they experience a geologic event such as an earthquake or volcanic eruption. This paper contains primary and secondary sourced materials, such as laws, statutes, and other resource materials. This paper revealed that the entire property and control of all minerals, mineral oils and natural gas under and upon the territorial waters and the exclusive economic zone of Nigeria shall vest in the Government of the federation and shall be managed in such manner as may be prescribed by the National Assembly. It is
recommended that the mixed method of ownership which agrees with the eminent domain theory practiced in Nigeria to the extent of State ownership, not absoluteness in State ownership be adopted, where both the State and the individuals within the State would have access to the ownership and control of these mineral resources. The private individual ownership and control will however be conditioned upon some certain laws made by the State Government so as to remove any monopoly that may occur major resources will be owned by the State Government