Nigeria Emerges as Premier Investment Destination for Mining in Africa
The Honourable Minister of Solid Minerals Development, Dr. Dele Alake, recently delivered a keynote address regarding Nigeria’s exceptional potential as the primary choice for mining investments in Africa. The Minister emphasized various incentives and policies aimed at facilitating business operations within the mining sector during the Nigeria-Australia Investment Roundtable.
Dr. Alake underlined the government’s commitment to eradicating illegal mining activities and addressing security concerns in and around mining areas. He detailed the deployment of a specialized paramilitary force, known as the “Mining Marshals,” to combat illegal mining practices and ensure the safety and security of legitimate miners across the country.
Additionally, the Minister provided insights into the upcoming establishment of the Nigerian Solid Minerals Corporation, a private sector-led initiative poised for joint ventures with investors in critical minerals such as Lithium, Gold, Baryte Lead, and Iron-ore. He assured potential investors that both legislative and corporate processes for the Corporation’s formation are well underway, with plans for a formal unveiling in the near future.
In a bid to strengthen regulatory frameworks, Dr. Alake disclosed the revocation of numerous mining titles due to default in payment of annual service fees. He also highlighted the government’s heightened scrutiny of other categories of defaulters to curb speculations, license irregularities, and inactivity among license holders.
The Minister extended an invitation to Australian investors, urging them to consider Nigeria as their primary investment destination in light of its investor-friendly policies and ongoing transformation. He emphasized the availability of tax waivers, exemption from import duties, and favourable funds and capital repatriation policies as further incentives for potential mining investors.
In addition to his domestic efforts, Dr. Alake, as Chairman of the African Minerals Strategy Group (AMSG), advocated for enhancing value addition within the African mining industry. He stressed the importance of discouraging the export of raw, unprocessed minerals and promoting value addition to benefit African economies and citizens.
It is noteworthy that Dr. Alake was unanimously elected as the Chairman of the AMSG, a forum of African Ministers of Solid Minerals/Mineral Resources. He urged other African countries to emulate Nigeria’s commitment to policies that promote value addition, encouraging mutual benefit for investors and host countries alike.
In conclusion, Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, has presented a compelling case for Nigeria as the premier destination for mining investments in Africa. His comprehensive approach to addressing illegal mining, promoting joint ventures, and advocating for value addition within the African mining sector underscores the country’s dedication to fostering a conducive environment for both domestic and international mining investors.
