Minister of Solid Minerals Development, Dele Alake, presented enticing incentives to attract foreign investors during the Mines and Money Conference in London on Tuesday. In a statement by his Special Adviser, Kehinde Bamigbetan, the minister highlighted the allure of lower production costs and abundant untapped mineral resources.
Addressing global stakeholders in the mining industry, Alake urged increased investment in Nigeria, emphasizing unique advantages such as the cost efficiency derived from surface mining and the vast potential of untapped minerals worth billions of dollars.
He elaborated, “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations. Recently, recognizing the evolving global landscape and in response to emerging trends, Lithium has been included as a crucial strategic mineral of global consequence.” The minister’s pitch aimed to position Nigeria as an attractive destination for foreign investors in the mining sector.
Alake said the current administration has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors.
He also quoted recent reports that mining’s contribution to Nigeria’s GDP rose from 0.3 percent to 0.85 percent last year, indicating 0.63 percent year on year growth.
The minister reminded the global mining community of the Federal Government‘s policies on how mining operations must benefit the communities and lead to processing instead of wholesale export of raw minerals.
“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”, he said
Alake further urged investors to support the socio-economic development of the communities where they mine to make mining mutually beneficial.
