Abstract:
The low crude oil prices in 2019 add momentum to Nigeria’s need for economic diversification as its foreign earnings come primarily from crude oil sales. As a result, Nigeria is seeking to explore other economic potentials, such as developing a Mining Resource Corridor (MRC) to reduce poverty and assist the country’s sustained growth and development. MRCs catalyse mineral extraction, transportation, processing, and infrastructural development and integrate other sectors of the economy, thus, creating jobs and promoting economic diversification and inclusive growth. However, achieving this requires drawing up an articulated delivery mechanism through a framework strategic implementation plan to attain a strategic diversification away from hydrocarbons to minerals. This article takes an applied research approach to examine the critical considerations and actions that Nigeria should take in developing an MRC to ensure a diverse and sustainable economic future. Additionally, it discusses the lessons Nigeria can learn from two corridors in Mozambique. This study notes that the success of a MRC is a function of, among other things, a skilled and adequately strengthened institution, enabling infrastructure and the participation of communities in the decision-making process of the corridor development. It also includes the support of all levels of government and possible assistance from development partners and donor agencies such as the World Bank
