In a bid to woo prospective foreign investors, the Honourable Minister of Solid Minerals Development, Dr. Dele Alake, has offered lower production cost and untapped mineral resources as part of fresh incentives.
In a statement signed by Mr. Kehinde Bamigbetan, Special Adviser to the minister, states that the minister gave the offer at the Mines and Money Conference held in London recently.
Dr. Alake, addressing global stakeholders in the mining industry, pitched for more investment in Nigeria listing unique advantages such as lower production cost due to surface mining and billions of dollar in untapped minerals.
He said: “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations. Recently, recognising the evolving global landscape and in response to emerging trends, Lithium has been included as a crucial strategic mineral of global consequence.”
Dr. Alake said that the current administration has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors.
The minister reminded the mining community that the federal government’s policies are to benefit the community and to process minerals rather than export them wholesale.
He noted that recent reports show that the mining sector’s contribution to Nigeria’s gross domestic product (GDP) rose from 0.3 percent to 0.85 percent last year, indicating 0.63 percent year on year growth.
