Attracting Mexican Investment in Nigeria’s Solid Minerals Sector
The Republic of Mexico has expressed a keen interest in investing in Nigeria’s solid minerals sector, with the Nigerian government offering tax incentives to encourage and support these potential investors. Minister of Solid Minerals Development, Dr. Oladele Alake, cordially welcomed a delegation of investors from Mexico and commended them for their interest in the industry. During the meeting, Dr. Alake outlined the various incentives implemented by the government, which include a zero duty on equipment imported for solid minerals extraction, facilitated repatriation of profits to their country of origin, and the provision of tax holidays. He underscored the significance of investors in the mining industry signing Community Development Agreements (CDAs) with the communities in the mining area, aiming to ensure socio-economic development in those regions.
Dr. Alake also stated that the government is currently engaged in efforts to clean up the industry, referencing the recent revocation of titles of firms that failed to comply with the law on annual service fees. Nigeria’s outgoing Ambassador to Mexico, Hon. Adejare Bello, formally introduced the investors and assured the minister that the Nigerian Embassy had rigorously screened the investors and verified their authenticity.
Dr. Heriberto Garcia Cortes, the president of Seccion Internacional Para África, eloquently represented the delegation, expressing their dedication to supporting Nigeria’s economic expansion. Dr. Garcia Cortes also indicated that their meeting with the minister had instilled in them a sense of confidence that their investment in Nigeria would be secure and profitable.
