Dr. Dele Alake, Nigeria’s Minister of Solid Minerals, called for increased investments in Nigeria’s mining sector during a UK conference. He emphasised low production costs, significant mineral resources, and recent reforms aimed at creating a favourable investment climate while ensuring community benefits from mining operations.
Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, urged increased investment in Nigeria’s mining sector during his address at the Mines and Money Conference in the UK. He highlighted Nigeria’s advantages, including low production costs due to surface mining and a wealth of untapped mineral resources. Alake reassured investors of a favourable business climate that could enhance profitability, citing a KPMG report showing mining’s GDP contribution rose from 0.3% to 0.85% in 2022. He noted that the country’s geological diversity includes over 44 exploitable mineral types across 500 locations, with lithium now recognised as a critical strategic mineral. The Minister outlined reforms under President Bola Tinubu aimed at simplifying processes to attract foreign investors and mentioned collaborative data-gathering efforts with Germany’s Geoscan. He encouraged financing through initiatives from the Africa Finance Corporation and the Solid Minerals Development Fund, promoting profitability while ensuring community benefits from mining operations. In conclusion, Alake reaffirmed Nigeria’s commitment to Solid Minerals Beneficiation and Value-Addition to stimulate sustainable growth and job creation in the sector, urging investors to support the socio-economic needs of mining communities, citing newly revised guidelines for Community Development Agreements that favour local amenities and health.
The Nigerian government is actively seeking foreign investment in the mining sector, which is seen as vital for economic growth. With vast mineral resources and efforts to improve the business environment, attracting investors is a priority. The government aims to enhance local benefits from mining while expanding the sector’s overall contribution to the economy.
The Nigerian government is working to attract foreign investment in the mining sector by promoting its unique advantages, such as low production costs and rich mineral deposits. Minister Dr. Dele Alake has highlighted recent reforms aimed at creating a conducive business environment, emphasizing community benefits from mining, and promoting value-addition strategies to ensure mutual benefits.
Original Source: pmnewsnigeria.com