The Minister of Solid Minerals Development, Dele Alake, has assured foreign investors of favorable production costs within Nigeria’s mining sector.
Speaking at the Mines and Money Conference in London, Alake emphasized the ongoing reforms initiated by President Bola Tinubu to streamline procedures and reduce hurdles, making the country an attractive destination for foreign investment.
Alake highlighted Nigeria’s geological richness, encompassing more than 44 distinct mineral types across over 500 locations within the country.
In response to global trends, he mentioned that lithium has been recognized as a crucial strategic mineral of global consequence.
The Minister emphasized the country’s focus on solid minerals beneficiation and value-addition as a means to achieve immediate and sustainable growth in the mining industry.
By adding value to raw materials, Nigeria aims to create higher-value products, generate employment opportunities for the youth, and enhance the sector’s overall profitability and contribution to the nation’s GDP.
Citing a recent report by audit firm KPMG, Alake highlighted the positive growth of the mining sector in Nigeria. Mining’s contribution to the country’s GDP increased from 0.3 percent to 0.85 percent in 2022, representing a year-on-year growth of 0.63 percent.
With a commitment to reducing production costs, implementing reforms, and capitalizing on its mineral resources, Nigeria aims to strengthen its position as an attractive investment destination for foreign investors in the mining sector.