FG Woos Foreign Investors with Fresh Incentives - The Top Society

FG Woos Foreign Investors with Fresh Incentives

Dele Alake, the Minister of Solid Minerals Development in Nigeria, has unveiled enticing incentives aimed at luring prospective foreign investors to the nation’s mining sector.
Speaking at the Mines and Money Conference in London on Tuesday, Minister Alake highlighted key advantages, including lower production costs and vast untapped mineral resources, as catalysts for increased investment.
In a statement signed by his Special Adviser, Kehinde Bamigbetan, Minister Alake emphasized Nigeria’s geological richness, boasting over 44 distinct mineral types scattered across more than 500 locations. Notably, he spotlighted the inclusion of Lithium as a strategic mineral of global consequence, reflecting the country’s adaptability to evolving global trends.

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 underscored the commitment of the current administration to reforming the mining sector, streamlining procedures, and reducing barriers to entry to attract foreign investors. Citing recent reports, he noted that mining’s contribution to Nigeria’s GDP experienced a notable growth from 0.3 percent to 0.85 percent in the past year, indicating a year-on-year increase of 0.63 percent.
The Minister stressed the importance of mining operations benefiting local communities and advocated for the processing of minerals instead of wholesale export of raw materials. Alake emphasized the government’s focus on Solid Minerals Beneficiation and Value-Addition as a strategy for the 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 stated.
Furthermore, Alake called on investors to actively contribute to the socio-economic development of the communities where they operate, fostering mutually beneficial relationships with local residents. The Minister’s pitch at the international conference signals Nigeria’s determination to position itself as an attractive destination for foreign investment in the mining sector, leveraging its mineral wealth and fostering sustainable development.
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