Strategic Management of Natural Resources for Sustainable Development in Nigeria

Abstract

Nigeria is endowed with a variety of natural resources. In comparison with countries such as Botswana, Chile and Malaysia endowed with similar or even fewer resources, Nigeria has not fared well in the use of natural resources for sustainable and even unsustainable development. This unfortunate development can be attributed to, among other factors, a lack of strategic management of said resources. Based on the available literature and deduction, the paper proposed a model for strategic management of natural resources for sustainable development in Nigeria. The input side of the model contains the five stages of the strategic management process comprising Goal setting, Analysis of the Environment, Strategy Formulation, Strategy Implementation, and Control and Evaluation. The output side of the model contains Daly’s three stages of sustainable development comprising Environment, Economy and Equity. For a smooth application of the model in Nigeria, the paper recommended among others revival of national development goals, transparency and accountability in managing revenue generated from natural resources and involvement of resource-based communities in making decisions on addressing issues like conservation of natural resources, biodiversity, pollution and environmental degradation.