Attracting Foreign Investors to Nigeria’s Mining Sector

Dele Alake, the Honourable Minister of Solid Minerals, delivered a compelling argument for foreign investors to consider Nigeria’s mining sector as a lucrative investment opportunity. His address took place at the 21st Africa Down Under conference in Perth, Australia, where he provided potential investors with assurances of the attractive returns they could expect to see from investing in the country’s mining industry.

During the conference, Alake unveiled Nigeria’s mining roadmap, detailing the government’s plans to establish the Nigerian Solid Minerals Corporation as the intermediary between the global mining industry and Nigeria. Emphasizing the investor-friendly nature of Nigeria’s mining laws, Alake highlighted the ability for investors to repatriate their profits.

Furthermore, the minister disclosed plans for substantial investments in geoscientific investigations of the country’s mineral resources, demonstrating the government’s commitment to supporting investors. This initiative aims to provide investors with the necessary data to assess the potential costs and profits associated with their investments in Nigeria’s mining sector.

Alake assured potential investors of the favourable operating environment and promising returns they can expect from their investments in Nigeria’s solid minerals sector, stating that “Nigeria is open for business.” He also highlighted the success of Basin Limited’s Jupiter project and the investments made by Lithium King as clear indicators of Nigeria’s immense potential as a profitable destination for mineral extraction.

In addressing concerns about safety in the sector, Alake underscored the government’s efforts to combat illegal mining activities by providing illegal miners with a 30-day window to join cooperatives. Additionally, plans are in place to deploy a surveillance task force and mine police to tackle criminal activities at mining sites.

Stevens Davies and Hugh Morgan, representing Basin Limited, shared insights into their company’s mining projects in Nigeria, particularly the lithium and nickel projects that have shown significant promise in the country. Their positive outlook on the mining prospects in Nigeria reinforces Alake’s message to potential investors.

Furthermore, the minister received encouraging feedback from David Gardner, a mining investor, who expressed renewed interest in investing in Nigeria’s mining sector following the presentation of the mining roadmap. These sentiments reflect the growing confidence and interest in Nigeria’s mining industry as a viable investment option.

As the government continues to implement reforms and initiatives aimed at attracting foreign investment, Alake’s message serves as a strong invitation to global investors to explore the wealth of opportunities in Nigeria’s mining sector.

In conclusion, the assurance of favourable returns, coupled with the government’s commitment to creating a conducive operating environment and addressing safety concerns, presents a compelling case for foreign investors to consider Nigeria as a prime destination for mining investments.