FG attracts foreign investors for mining sector

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The Minister of Solid Minerals Development, Dele Alake, has offered lower production cost and untapped mineral resources as new incentives to attract potential foreign investors.

The minister extended the offer during the Mines and Money Conference in London on Tuesday, as stated in a release signed by his Special Adviser, Kehinde Bamigbetan.

Alake, while addressing international stakeholders in the mining industry, advocated for increased investment in Nigeria, highlighting unique advantages such as lower production costs through surface mining and untapped minerals worth billions of dollars.

He said, “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations. Recently, recognising the evolving global landscape and in response to emerging trends, Lithium has been included as a crucial strategic mineral of global consequence.”

Alake stated that the present administration has initiated reforms aimed at enhancing investment by simplifying procedures and minimizing obstacles to attract foreign investors.

He also referenced recent reports indicating a growth in mining’s contribution to Nigeria’s GDP, rising from 0.3 percent to 0.85 percent last year, reflecting a year-on-year growth of 0.63 percent.

The minister reiterated the Federal Government’s policies to the global mining community, emphasizing the need for mining operations to benefit local communities and promote processing rather than the 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.