FG woos foreign investors for mining sector

The Minister of Solid Minerals Development, Dele Alake, has offered lower production cost and untapped mineral resources as part of fresh incentives to woo prospective foreign investors.

The minister gave the offer at the Mines and Money Conference held in London on Tuesday, according to a statement signed by his Special Adviser, Kehinde Bamigbetan.

Alake, addressing global stakeholders in the mining industry, pitched for more investment in Nigeria listing unique advantages such as lower production cost due to surface mining and billions of dollar in untapped minerals.

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 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.