International Journal of Social Science & Economic Research
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Title:
ACCOUNTING FOR NATURAL RESOURCES: THE NIGERIAN EXPERIENCE

Authors:
Bassey E. Bassey (Ph.D); Ekpette, Chisanim Orisa; Eneje, Bernard Eneje

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Bassey E. Bassey (Ph.D); Ekpette, Chisanim Orisa; Eneje, Bernard Eneje
Department of Accounting, Faculty of Management Sciences University of Calabar, Cross River State, Nigeria.

MLA 8
Bassey, Bassey E., et al. "ACCOUNTING FOR NATURAL RESOURCES: THE NIGERIAN EXPERIENCE." Int. j. of Social Science and Economic Research, vol. 4, no. 8, Aug. 2019, pp. 5298-5310, ijsser.org/more2019.php?id=406. Accessed Aug. 2019.
APA
Bassey, B., Orisa, E., & Eneje, E. (2019, August). ACCOUNTING FOR NATURAL RESOURCES: THE NIGERIAN EXPERIENCE. Int. j. of Social Science and Economic Research, 4(8), 5298-5310. Retrieved from ijsser.org/more2019.php?id=406
Chicago
Bassey, Bassey E., Ekpette, Chisanim Orisa, and Eneje, Bernard Eneje. "ACCOUNTING FOR NATURAL RESOURCES: THE NIGERIAN EXPERIENCE." Int. j. of Social Science and Economic Research 4, no. 8 (August 2019), 5298-5310. Accessed August, 2019. ijsser.org/more2019.php?id=406.

References

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Abstract:
With increased population growth and development in Nigeria, it has become essential to carry out an efficient collation of measureable and quantifiable data on the known natural resources and reserves in the country in order to provide a suitable framework for national planning purposes and global assessments. This paper takes a critical look at Nigeria's natural resource and how it is being accounted for. Natural resources are analyzed in terms of their mineral or vegetable source and also, of their renewable and non-renewable nature. Nigeria is richly endowed with natural resources and of paramount is oil and gas. This oil and gas control Nigeria's economy as it accounts for over 80% of its revenue. The over-reliance on oil and gas has led to low GDP and economic retardation. As a result, emphasis is now being placed on properly accounting for these natural resources so as to make the economy sustainable. The development achieved in Nigeria so far cannot be described as sustainable because the various developmental processes have over exploited the natural resources and, as a result, affected the environment dangerously. There's now been conscious efforts by individuals and firms alike in exploiting other natural resources, such as Agriculture. The method used in accomplishing this objective is by identifying the present position, limitations and the challenges encountered in trying to account for the problem under study. Governments are now implementing various policies, plans and programmes in order to restructure the agricultural sector in an effort to boost its role in the transformation of the Nigerian economy. Based on this findings, this paper recommends that Nigerian government should look beyond crude oil and natural gas, they should also consider means of utilizing the huge natural resources in the country to stimulate growth and development of the country. This study essentially implies that sensible actions and steps should be taken in quantifying these actions so as to achieve the goal of sustainability development on natural resources placed for human depletions.