AN INVITATION TO INVEST IN NIGERIAN MINERAL DEPOSITS: A WEALTH OF OPPORTUNITY
The Honourable Minister of Solid Minerals Development, Dele Alake, has disclosed that Nigeria’s mineral deposits are estimated to be valued at over $700 billion, presenting a compelling argument for foreign investors to consider delving into the potential opportunities within the country.
During the United Nations General Assembly (UNGA) in New York, Alake emphasised Nigeria’s preparedness to embrace the global transition from fossil-based energy systems to renewable energy. In line with this shift, Nigeria aims to redirect its focus towards the solid minerals sector.
Alake underlined the significance of minerals in the current global landscape, particularly in the context of the evolving energy requirements driven by new technologies such as electric vehicles. He emphasized Nigeria’s strategic position in contributing to the advancements in mineral-based technologies.
The minister also recognized Nigeria’s historical dependence on the oil industry and its recent prominence as a significant gas supplier, indicating the country’s role in the evolving energy landscape. He anticipated Nigeria’s pivotal role in the global energy transition, supported by its potential in critical mineral resources.
Highlighting specific minerals found in Nigeria, Alake emphasized the presence of Lithium-hosted pegmatite rocks in states such as Nasarawa, Kwara, Oyo, Abuja, and Kebbi. He also noted the availability of Graphite in Kaduna, Platinum group minerals in regions like Benue, Nickel in Kaduna, and Zinc in states such as Ebonyi, Nasarawa, and Plateau.
Alake conveyed the government’s dedication to fostering investment, collaboration, and partnerships in the solid mineral sector. He referenced President Bola Tinubu’s prioritization of solid mineral development as a key component of his administration, highlighting the sector’s potential to make a significant contribution to the national GDP.
Additionally, the minister outlined a range of incentives aimed at attracting potential investors. These incentives include 95 percent capital allowances on qualifying capital expenditure, three to five-year tax holidays, opportunities for capitalization of expenditure on exploration and surveys, and free transferability of foreign currency for servicing foreign loans and remittances of foreign capital through the Central Bank of Nigeria.
In conclusion, Alake expressed optimism about Nigeria’s prospects as a burgeoning mining destination, underscoring the government’s dedication to propelling the solid minerals sector to new heights.
With the mineral wealth of Nigeria beckoning to investors, the country stands poised to emerge as a key player in the global mineral market, presenting a wealth of opportunities for those willing to explore and invest in this promising sector.
