Dele Alake, Nigeria’s Minister of Solid Minerals Development, has invited international investors to consider Nigeria as a premier destination for mining investments in Africa. Addressing the Nigeria-Australia Investment Roundtable, Alake stressed the government’s commitment to creating a conducive business environment through various incentives and policies.
Key points from his address include:
– A dedicated 2,220 member paramilitary unit, the “Mining Marshals,” has been established to combat illegal mining and enhance security in mining regions, which is expected to support legitimate miners.
– Plans for the Nigerian Solid Minerals Corporation, aimed at fostering joint ventures in critical minerals such as Lithium and Gold, are progressing well.
– The government has revoked 1,633 mining titles due to non-payment of fees and is intensifying scrutiny of other defaulters to eliminate speculation and license misuse.
– New initiatives include improved regulatory frameworks, higher approval levels for mineral permits, and regular publication of mining statistics.
– Alake emphasised that foreign investors, particularly from Australia, should consider Nigeria due to its favourable investment policies, including potential tax waivers and capital repatriation benefits.
Additionally, as Chairman of the African Minerals Strategy Group, Alake reiterated the importance of value addition in mining, advocating for policies that enhance local processing and economic benefits for African countries. He called for a unified approach among African nations to advance this agenda, citing Nigeria’s new requirement for processing plans as a condition for mining license approval.