Investing in Nigeria’s Lithium Exploration: A Lucrative Opportunity
Orosur Mining, a prominent mineral exploration company based in Canada, has announced its intention to invest $5 million in the exploration of Nigeria’s abundant lithium deposits. This significant decision comes at a time when the Nigerian Geological Survey Agency (NGSA) has committed to providing valuable geosciences information on lithium deposits within the country.
Mr. Louis Castro, the Executive Chairman of Orosur Mining, has expressed his confidence in Nigeria’s mining sector’s regulatory framework, which is known for its investor-friendly policies. He has emphasized that this initial investment is just the beginning of many more to come. Orosur Mining is optimistic about the highly lucrative potential of Nigeria’s solid minerals sector, particularly in relation to its extensive lithium mineralization.
Addressing the Minister of Solid Mineral Resources, Dr. Dele Alake, and the Director-General of NGSA, Dr. Abdulrazaq Garba, Mr. Castro announced the company’s Joint Venture agreement to explore a number of exploration licenses across Nigeria, which he considers highly prospective for lithium mineralization. He sought support for the company’s investment decision in favour of the Nigerian mining sector.
Dr. Abdulrazaq Garba, the Director-General of NGSA, assured Orosur Mining of the agency’s provision of ample geosciences information on lithium mineralization and the deployment of its globally recognized technical expertise to maximise the investment outcomes. He highlighted the agency’s ability to generate reliable datasets on the country’s lithium resources and other minerals in Nigeria.
Furthermore, the Director-General of the Nigeria Mining Cadastre Office, Engr. Obadiah Simon Nkom, welcomed Orosur Mining to Nigeria and emphasised the ease of applying and processing applications via the electronic mining cadastre (eMC+) platform of the agency.
The Federal Government of Nigeria has been actively working towards the realisation of “Big Data on specific seven priority minerals (including lithium) and their deposits.” This initiative aligns with the administration’s “Big Data Quest” needed to drive the Renewed Hope Agenda in the mining sector. One noteworthy achievement is the success of the National Integrated Mineral Exploration Project (NIMEP) supervised by NGSA, which has provided reliable datasets on mineral deposits in Nigeria.
As part of ongoing reforms in the Nigerian mining sector, the government has introduced a comprehensive package of incentives to create a favourable environment for investment in the solid minerals and mining sector. These incentives include Pioneer Status with tax holidays, deferred royalty payments, capital allowances, exemptions from customs and import duties, and tax concessions for mining investors. The laws also allow 100% ownership of companies by foreigners, guaranteeing 100% repatriation of capital, profit, and dividends.
The government’s commitment to facilitating an investor-friendly environment, coupled with the extensive lithium mineralization in Nigeria, makes the country an attractive destination for mineral exploration investments. With the support of the NGSA and the government’s lucrative investment incentives, Orosur Mining’s decision to invest $5 million in Nigeria’s lithium exploration marks the beginning of a promising venture into the country’s rich solid minerals sector.
