The Analysis Of The 2007 Mineral And Mining Act Essay

Additionally, the Act limits the duration of contract and exploration rights to 25 years, renewable after 24 years upon a successful preservation of the standards, including environmental regulations stated under the Act. The analysis of the 2007 Mineral and Mining Act demonstrates that the excesses of the environmental damage in the Niger Delta region did not emanate from inadequate legislation. The problem is an ineffective implementation of the Act. As indicated in the first part of the paper, the Nigeria government lacks the political will to implement the appropriate clauses important for the protection of the Niger Delta’s ecosystem because a significant percentage of the government expenditure comes from revenues generated by oil corporations. The government’s incapacity to implement the Mineral and Mining Act results from a fear that strict adherence to the Act might dwindle national revenue, and constrains budget. While this fear is a genuine one, it can however be partly addressed by a diversification of the national economy, from oil based to include other sectors of the economy. Diversify the Economy There is a causality between lack of economic diversification and high levels of vulnerability. This is the case in Nigeria as the oil sector contributes more than half to the country’s GDP, yet, it only provides employment to les than 5 percent of the country’s teeming population. Over reliance on oil does not destroy Delta’s ecosystem, but alsoShow MoreRelatedBhp Billiton And World Biggest Natural Resources Organisation1114 Words   |  5 Pageslargest copper producer and third largest nickel producer. Background of the organisation BHP BILLITON is merger of two companies. First one is BHP (Broken Hill) was formed by Charles Rasp in western New South Wales. BHP started their business with mining of silver and lead. Second one is Billiton used to abstract tin in mid-1800s. 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