JOINT VENTURE AGREEMENTS AS A TOOL FOR REVITALIZING NIGERIA'S SOLID MINERALS SUB SECTOR
JOINT VENTURE AGREEMENTS AS A TOOL FOR REVITALIZING NIGERIA'S SOLID MINERALS SUB SECTOR
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Date
2006-07
Authors
Terhemen, Andzenge
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Abstract
Statement
The contribution of solid minerals to the Gross Domestic
Product (GDP) and Foreign Exchange earnings of the country
has been on the decline since the discovery of the Oil Minerals
(Crude Oil) and its commercial exploitation in the late 1950s.
The unwholesome reliance on the mineral has not only led to
the progressive neglect of other sectors of the economy such as
Agriculture, Mining, Manufacturing etc. but has also led to
structural imbalances in the economy, with the effect becoming
manifest in the 1990s.
To address this problem the Government has decided to
explore other viable alternatives that have hitherto been
neglected in order to diversify the revenue base of the country.
The solid minerals sub sector is a viable alternative in this
regard and there are indications that if properly harnessed, the
sector has the potential of contributing substantially to the
revenue earnings of the country in the 21st century.
However, given the long period of neglect it has suffered,
concerted efforts must be made to revitalize it and properly
position if for the role expected of it as a major source of
revenue earning. One of the ways of achieving this objective is
through the use of Joint Venture Agreements.
A Joint Venture Agreement is essentially a relationship
between two or more persons to conduct a common business for their
mutual benefit with the underlying understanding that shall share in
the profits and losses and each shall have a stake in its management.
Solid minerals development encompassing the stages of prospecting
exploration and exploitation is heavily capital intensive with long
gestation periods and the pooling of financial resources from several
partners, both local and international, under a Joint Venture
arrangement is the most effective and less burdening way of
developing the sub sector.
Description
A THESIS SUBMITTED TO THE POST – GRADUATE SCHOOL,
AHMADU BELLO UNIVERSITY, ZARIA IN PARTIAL
FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF
THE DEGREE OF MASTERS OF LAW (LL. M)
DEPARTMENT OF COMMERCIAL LAW
FACULTY OF LAW
AHMADU BELLO UNIVERSITY, ZARIA
Keywords
JOINT,, VENTURE,, AGREEMENTS,, TOOL,, REVITALIZING,, NIGERIA'S, SOLID MINERALS SUB SECTOR