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Nigerian Minister Woos Investors with Fresh Mineral Incentives

The Minister of Solid Minerals Development in Nigeria, Dele Alake, has presented new incentives to attract foreign investors during the Mines and Money Conference in London. Alake highlighted the country’s unique advantages, including lower production costs due to surface mining and the presence of untapped mineral resources worth billions of dollars.

Addressing global stakeholders in the mining industry, Alake emphasized that Nigeria possesses over 44 distinct mineral types found in exploitable quantities across more than 500 locations. He specifically mentioned the inclusion of lithium as a crucial strategic mineral of global consequence.

The minister informed the audience about the current administration’s reforms aimed at boosting investment by simplifying procedures and reducing hurdles to attract foreign investors. Recent reports indicate a growth in mining’s contribution to Nigeria’s GDP from 0.3 percent to 0.85 percent last year, representing a year-on-year growth of 0.63 percent.

Alake reminded the global mining community of the Federal Government’s policies, emphasizing that mining operations should benefit communities and promote the processing of minerals instead of wholesale export of raw materials.

“Nigeria is currently emphasizing Solid Minerals Beneficiation and Value-Addition as a panacea for quick and sustainable growth of the Mining Industry… By adding value to our raw materials, we not only create higher value products but also generate employment opportunities for our teeming youth and increase the sector’s overall profitability and contribution to the nation’s GDP,” Alake stated.

He urged investors to support the socio-economic development of the communities where they mine, making mining activities mutually beneficial for both investors and local populations.

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