Nigeria’s Mining Sector Open for Business, Both Locally and Internationally, Says Minister Alake
The Honourable Minister of Solid Minerals Development, Dr Dele Alake, has communicated Nigeria’s preparedness and dedication to welcoming and collaborating with both domestic and international mining firms. This declaration follows a discussion with the Group Chief Executive Officer of Swiss-based Glencore, Gary Nagle, at the Ministry’s headquarters in Abuja. During the meeting, Alake underscored the establishment of a robust para-military security force to guarantee the security of the mining sector and to eradicate illegal miners and saboteurs. Additionally, he detailed the numerous reforms and incentives put in place to encourage investment in the mining industry.
Alake underscored Nigeria’s abundance in critical minerals such as Lithium, gold, zinc, and nickel, all of which are in high demand worldwide. He reassured investors of the government’s commitment to prioritising their business interests by providing a conducive and efficient governance structure.
Furthermore, Alake highlighted the favourable investment climate in Nigeria and the availability of vast mineral resources, encouraging Glencore to take advantage of these opportunities. He also mentioned that the government is working towards attracting other international mining companies, and emphasised the need to expedite the development of the mining sector, similar to the progress made in the oil and gas industry.
Moreover, Alake discussed various incentives that the government is offering to attract investment in the mining sector. These include tax waivers on imported equipment, a policy of full repatriation of profits to home countries, and the removal of bottlenecks to ease the process of doing business. He also expressed the ministry’s readiness to address any concerns that Glencore may have in order to facilitate smooth operations in Nigeria.
On his part, Gary Nagle, the CEO of Glencore, commended the Federal Government for the reforms in the mining sector and the economy. He expressed the company’s readiness to invest in Nigeria, provided that the government ensures stability in the business climate and creates an enabling environment. Nagle also highlighted the company’s interest in investing in the mining sector, particularly in nickel, cobalt, and zinc.
In conclusion, the meeting between Minister Alake and Gary Nagle signifies Nigeria’s commitment to attracting and collaborating with both local and international investors in the mining sector. The government’s dedication to implementing reforms, providing incentives, and creating a conducive business environment is a positive step towards fostering growth and development in the industry. With the assurance of security and the availability of critical minerals, Nigeria is indeed open for business in the mining sector.
