Glencore CEO Praises Nigeria’s Mining Sector Reforms
Glencore, a Swiss multinational commodity trading and mining company, has expressed its admiration for the reforms in Nigeria’s mining sector initiated by the federal government. During a visit to the Minister of Solid Minerals Development, Dele Alake, in Abuja, Gary Nagle, the company’s group CEO, conveyed his appreciation for the changes brought about by the Nigerian government.
Nagle mentioned that the company is keen on exploring investment opportunities in Nigeria’s mining sector, specifically in critical minerals such as nickel, cobalt, and zinc. As one of the world’s largest diversified natural resource companies, Glencore is involved in the production and marketing of a wide range of metals and minerals including copper, cobalt, zinc, nickel, and ferroalloys.
The CEO emphasized the company’s readiness to invest in the mining sector, provided that the government ensures stability in the business climate and creates an enabling environment. He highlighted the company’s interest in diversifying its investments beyond oil and gas, with a specific focus on the mining sector, particularly in nickel, cobalt, zinc, among others.
In response, Minister Dele Alake assured the readiness of Nigeria to welcome big international players into the mining sector, citing the ongoing reforms aimed at cleaning up the industry and implementing investor-friendly policies. He stressed the government’s commitment to prioritising the establishment of an efficient governance structure that fosters a conducive operating environment in the mining sector.
Alake urged investors to seize the opportunity presented by Nigeria’s favourable investment climate and vast mineral resources, particularly highlighting the abundance of critical minerals such as lithium, gold, zinc, and nickel, which are in high demand globally. Furthermore, he outlined various incentives being offered to attract international investors, including tax waivers on imported equipment, the policy of full repatriation of profits to home countries, and the removal of bottlenecks to ease business operations.
The Minister also emphasized the government’s responsiveness in addressing any concerns that Glencore may have to facilitate smooth operations in Nigeria. He underscored the significance of the mining sector and the commitment to attracting international big players to fast-track its development, akin to the oil industry.
In conclusion, the positive feedback from Glencore’s CEO, Gary Nagle, and the proactive approach of the Nigerian government towards industry reforms and attracting international investment, showcase the promising future of Nigeria’s mining sector. With an efficient governance structure, friendly policies, and a conducive business environment, Nigeria is poised to become an attractive destination for international investors in the mining sector.
