Nigeria Emerges as the Leading Mining Investment Destination in Africa
The Honourable Minister of Solid Minerals Development, Mr. Dele Alake, delivered a virtual address at the Nigeria-Australia Investment Roundtable, during which he extolled Nigeria as the foremost mining investment hub on the African continent. He elucidated the various initiatives and policies that have been implemented to facilitate a favourable business environment within the mining sector.
A pivotal point in his address was the establishment of a para-military force dubbed the “Mining Marshals,” tasked with combatting illegal mining activities and ensuring security in mining areas. Alake underscored that illegal mining encompasses activities such as unlicensed mining, operating with invalid licenses, or mining minerals not approved in their licenses. The Mining Marshals have made significant strides in curbing illegal mining activities and providing respite to legitimate miners.
The Minister also provided assurance to Australian investors regarding the Nigerian Solid Minerals Corporation, a private sector-led initiative that is in the advanced stages of establishment. This corporation aims to form Joint Ventures with investors in critical minerals such as Lithium, Gold, Baryte, Lead, and Iron-ore.
Alake also emphasized efforts to strengthen regulatory frameworks by revoking titles for non-payment of annual service fees and cracking down on indiscriminate speculation and license racketeering. He encouraged investors to designate Nigeria as their preferred investment destination due to the government’s positive policies and incentives aimed at facilitating business operations.
In his role as Chairman of the African Minerals Strategy Group (AMSG), Alake reiterated the significance of value addition in the mining sector. The AMSG is dedicated to discouraging the export of raw, unprocessed minerals in Africa. The Minister urged African countries to enforce policies that promote value addition for the benefit of their citizens and economies.
Overall, Alake’s address illuminated Nigeria’s dedication to becoming a premier destination for mining investments in Africa, as well as the government’s endeavours to create a conducive environment for investors in the mining sector. With a focus on combatting illegal mining, establishing a private sector-led minerals corporation, and promoting value addition, Nigeria aims to solidify its position as the top location for mining investment on the continent.
Folalumi Alaran
