Attracting Mexican Investors to Nigeria’s Solid Minerals Sector
The Federal government has cordially received a delegation of investors from Mexico who are showing interest in Nigeria’s solid mineral industry. To attract more investors to this sector, the government has introduced a series of appealing incentives aimed at making the investment more attractive.
Minister of Solid Minerals, Dele Alake, stated that President Bola Tinubu’s administration has implemented various incentives to streamline the process for potential investors in the industry. These incentives include exemptions from duty on equipment imported for solid minerals extraction, facilitating the repatriation of profits to the investors’ home countries, and offering tax holidays.
According to a statement by Segun Tomori, the special assistant to the minister on media, investors in the mining industry are expected to sign a Community Development Agreement (CDA) with the communities in the mining area to ensure the socio-economic development of the region. Additionally, the government is committed to cleaning up the industry, as demonstrated by the recent revocation of titles that were not in compliance with the law on annual service fees.
Nigeria’s outgoing Ambassador to Mexico, Adejare Bello, provided assurances to the minister that the embassy had rigorously vetted the investors and confirmed that they were legitimate businessmen whose investment would significantly contribute to the economy. Bello stated that the Nigerian Embassy had been in discussions with the investors for over two years and had decided to introduce them to the minister after verifying their credentials.
In his remarks, Bello shared, “The Honourable Minister is aware that ambassadors have been recalled. This visit is the reason why I stayed back so that I can bring them to you. Now that I have achieved my mission, I will go back, pack my luggage and return home.”
Representing the group of investors, Heriberto Garcia Cortes, president of Seccion Internacional Para Africa, conveyed that Nigeria holds a special place as their home in Africa, and therefore, deserves all the support in the quest to expand the economy. He also mentioned that the meeting with the minister had helped to chart the way forward and provided the assurance that their investment would be secure and profitable in the country.
In conclusion, the collaboration between the Nigerian government and these Mexican investors signals a promising opportunity for the solid minerals sector in the country. This partnership not only reflects the potential of Nigeria’s economy but also strengthens the ties between Nigeria and Mexico. The move towards incentivising and attracting international investors is a positive step towards the development and advancement of the solid minerals industry in Nigeria.
