The Wealth of Opportunities: Nigerian Mining Sector Open for Business
“The Wealth of Opportunities: Nigerian Mining Sector Open for Business”
Minister Dr. Oladele Alake recently celebrated a visit by Mexican investors who are seeking solid minerals investments in Nigeria. During the meeting, the Minister reaffirmed the government’s commitment to providing incentives to drive growth in the industry.
President Bola Tinubu’s administration has implemented measures such as zero duty on imported equipment for solid minerals extraction, facilitation of profit repatriation, and tax holidays to attract and ease business operations for investors. These initiatives were highlighted during the meeting to showcase the government’s dedication to creating a conducive business environment.
Dr. Alake also stressed the importance of community engagement in the mining sector and outlined the expectation for investors to sign a Community Development Agreement with local communities. This agreement aims to ensure the socio-economic development of the region and maximize benefits for the people within the mining areas.
Furthermore, the Minister emphasized the government’s ongoing efforts to streamline and uphold industry standards, including the recent revocation of titles that failed to comply with the law on annual service fees.
The delegation of Mexican investors was introduced by Nigeria’s outgoing Ambassador to Mexico, former Speaker of the Osun State House of Assembly, Hon. Adejare Bello. Ambassador Bello expressed confidence in the authenticity and sincerity of the investors, affirming that their investment holds the potential to significantly contribute to the growth of the economy.
Dr. Heriberto Garcia Cortes, the President of Seccion Internacional Para Africa, also expressed gratitude to the Minister for the productive discussions. He conveyed the investors’ strong commitment to supporting Nigeria’s economic expansion and their perception of Nigeria as their African home deserving of unwavering support.
The meeting with the Minister was described as instrumental in charting the path forward, and Dr. Cortes assured that the investors are confident in the safety and profitability of their intended investments in the country.
The visit has been viewed as a significant step towards fostering economic ties between Nigeria and Mexico, with the potential for mutually beneficial partnerships in the solid minerals sector.
Source: Nigerian Tribune
