The European Union (EU) aims to enhance trade and investment in Nigeria’s solid minerals sector. During a recent visit by EU Ambassador Gautier Mignot to Nigeria’s Minister of Solid Minerals Development, Dr Dele Alake, interest was expressed in understanding the industry better and finding collaborative opportunities.

Minister Alake highlighted Nigeria’s readiness to collaborate with the EU, stressing the potential of the country’s solid minerals for mutual benefits. He emphasised the importance of forging concrete plans that translate into actionable projects, given the historical ties with the EU.

Nigeria boasts significant reserves of high-grade lithium and other critical minerals needed for green energy, including cobalt and copper, estimated at over $700 billion in deposits.

To attract foreign investment, Alake mentioned incentives like tax waivers on mining equipment, profit repatriation policies, and improved security through mining marshals. Local value addition is highlighted as crucial for obtaining mining licenses, fostering job creation and technology transfer.

Lastly, the minister introduced a new federal approach focused on tracking the origins of mined minerals to prevent illegal exportation and ensure traceability, aiming to curb the smuggling of valuable resources.

The EU’s interest in Nigeria’s solid minerals sector presents significant opportunities for economic growth. With incentives in place to attract investment and a commitment to traceability, Nigeria is poised to unlock the vast potential of its mineral resources for sustainable development and mutual prosperity with EU nations.

Original Source: blueprint.ng

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