Natural Resource Governance bills account for 2.7 percent of the 1175 House bills which were processed in the first year of the 10th House.
Nigeria is endowed with a wealth of diverse natural resources, yet inadequate management has led to significant challenges in harnessing their potential. This situation highlights the urgent need for effective governance to ensure these resources are utilised sustainably and responsibly.
In the recently concluded year, the House of Representatives proposed 32 bills aimed at enhancing the management of natural resources. These legislative proposals emphasised sustainable practices across key sectors, including oil and gas, solid minerals, and other related activities essential for maintaining a healthy ecosystem.
These bills sought to strengthen regulatory frameworks to combat illegal activities such as oil theft and unregulated mining while establishing legal provisions for authorised operations.
The natural resource sector, which encompasses oil, gas, and mining industries, has been a significant contributor to Nigeria’s economy. As one of Africa’s largest oil producers, Nigeria’s natural resource industries account for approximately 20% of its GDP and 65% of total government revenue. This sector serves as a vital source of income for the country, generating substantial revenue through royalties, taxes, and profit-sharing agreements. The financial resources derived from this sector are crucial for funding essential public services such as education, healthcare, and infrastructure development.
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Understanding Natural Resource Governance
Natural resource governance refers to the management of land, water, soil, plants, and animals with a focus on preserving these resources for future generations while meeting current needs. It ensures that resources are utilised responsibly, balancing economic growth with ecological preservation.
Why is it important?
Effective governance of natural resources is crucial for ensuring their sustainable use—an essential factor for human survival and economic development in a country like Nigeria. Despite its rich resource base, Nigeria faces significant environmental challenges that threaten both livelihoods and ecosystems.
The sustainability of human livelihoods depends on the health of natural landscapes; therefore, better management of these resources directly correlates with improved quality of life for all citizens.
To fully harness the potential of its natural resource sector, it is imperative that Nigeria adopts sustainable practices. This includes strengthening governance through transparent policies, investing in environmental protection initiatives, and enhancing community engagement in decision-making processes.
By doing so, Nigeria can ensure that its abundant natural resources contribute to long-term prosperity and well-being for its people.
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