Nigerian Government Welcomes Mexican Investors to Boost Mining Industry
The Minister of Solid Minerals Development, Dr. Oladele Alake, recently extended a warm welcome to a group of investors from the Republic of Chile who are exploring opportunities for investment in Nigeria’s solid minerals sector. Dr. Alake took the opportunity to highlight the various incentives that the government, under the leadership of President Bola Tinubu, has put in place to facilitate and encourage business activities in the industry.
These incentives include zero duty on equipment imported for solid minerals extraction, as well as provisions for the easy repatriation of profits to the investors’ home countries and tax holidays. Dr. Alake emphasized the importance of forging Community Development Agreements with the local communities in mining areas to ensure that the socio-economic development of these regions benefits the people living there.
In addition to expressing his appreciation for the interest shown by the investors, Nigeria’s outgoing Ambassador to Mexico, Hon. Adejare Bello, also vouched for the credibility and integrity of the visiting business delegation. Ambassador Bello, a former Speaker of the Osun State House of Assembly, assured the Minister that the embassy had thoroughly vetted the investors and confirmed their legitimacy as genuine and serious entrepreneurs whose investments could significantly contribute to the country’s economy.
The ambassador disclosed that his decision to delay his return to Nigeria was specifically motivated by the need to facilitate the meeting between the investors and the Minister. He expressed gratitude for the successful completion of his mission, stating his intention to now finalize his preparations and return home.
Taking the opportunity to speak on behalf of the visiting investors, Dr. Heriberto Garcia Cortes, President of Seccion Internacional Para Africa, thanked the Minister for engaging in discussions with them. He conveyed the investors’ view that Nigeria is their African home and clearly expressed their commitment to providing all necessary support to aid in the expansion of the country’s economy.
The investors were appreciative of the assurance provided during the discussions, believing that their investments would be secure and yield profitable returns. Dr. Garcia Cortes acknowledged that their meeting with the Minister had been instrumental in laying the groundwork for their investment endeavours in Nigeria.
The Minister’s positive stance on the visit and the willingness of the investors to engage in meaningful dialogue serve as a promising sign for potential collaborations between the Nigerian government and international business interests in the solid minerals sector. This partnership has the potential to contribute significantly to the growth and development of the country’s economy.
As both the government and international investors explore opportunities for mutual benefit, it is expected that the solid minerals industry in Nigeria will witness a period of revitalization and progress. This augurs well for the socio-economic advancement of mining communities and, by extension, the broader national economy.
