The EU aims to boost investment in Nigeria’s solid minerals sector, with a focus on collaboration and sustainability. Ambassador Mignot emphasised the potential for EU partnerships, while Minister Alake highlighted Nigeria’s rich mineral resources and commitment to local value addition. Strategies to ensure mineral traceability and reduce illegal mining were also discussed.
The European Union (EU) aims to boost investment in Nigeria’s solid minerals sector. This was announced by Gautier Mignot, the EU Ambassador to Nigeria, during a visit to Dr. Dele Alake, Minister of Solid Minerals Development. The ambassador praised efforts to revitalise the mining industry and expressed the EU’s interest in collaborative opportunities.
Dr. Alake affirmed Nigeria’s commitment to attracting EU investments to harness its rich mineral resources. He highlighted Nigeria’s potential as a key player in the supply of critical minerals, including high-grade lithium, vital for renewable energy technologies. He noted the exploration plans for 2023 could reveal over $700 billion in mineral deposits.
To attract investment, Nigeria promises tax waivers on mining equipment and full repatriation of profits, as well as enhanced security measures and streamlined licensing. The Minister stressed that any investor must implement local value addition strategies to strengthen the local economy and create jobs.
Dr. Alake shared that the Nigerian government is enhancing mechanisms to ensure the traceability of all minerals, aiming to prevent illegal mining. He suggested that international cooperation could help minimise unauthorized exports of minerals.
The Minister mentioned initiatives such as pre-shipment inspections and satellite monitoring of mining activity to improve transparency and attract EU partners in reforming the industry. Ambassador Mignot indicated the EU’s commitment to facilitating partnerships with European companies in Nigeria’s solid minerals sector, focusing on sustainable trade practices.
The EU seeks to deepen its investment ties with Nigeria’s solid minerals industry, emphasising collaboration and sustainable practices. With significant mineral resources and a commitment to traceability, Nigeria presents substantial opportunities for investors. Enhanced regulations and incentives aim to attract responsible investment that supports local economies and technological advancements.
Original Source: www.tvcnews.tv