Nigeria has unveiled incentives, including seamless transfer of profits and duty waivers on imported mining machinery, to attract global investors.
The incentives were announced by the Minister of Solid Minerals Development, Dr Dele Alake, who led the Nigerian delegation to the Resourcing Tomorrow annual exhibition and conference recently held in
London.
According to a statement by his Special Adviser, Mr Kehinde Bamigbetan, the Minister used the platform to assure international mining companies that Nigeria is open and ready for investment.
At the opening ceremony, Alake highlighted Nigeria’s recent investment breakthroughs in mineral processing, disclosing that the country has attracted over $2 billion in investments into lithium and rare earth projects in the past two years.
He explained that these inflows are the direct result of the Tinubu administration’s policy on value addition, aimed at ending “pit-to-port” exports and promoting local beneficiation.
He noted that since last year, companies including Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Limited, and the ASBA Group have collectively invested more than $1.3 billion in lithium processing projects across Nigeria, stressing that the investments are tangible and ongoing.
Alake further revealed that construction has commenced on a $50 million lithium processing plant near Abuja, which will serve as the first in a chain of industrial clusters planned across Nasarawa, Kogi, Kwara, and Ebonyi states.
In addition, Nigeria recently broke ground on a $400 million rare earth processing plant by the Hasetins Group, expected to be completed within 15 months, while a multi-billion-dollar iron ore-to-steel project is also in the pipeline.
To improve security and regulatory compliance, the Minister said the federal government has established mining marshals to enforce mining laws and protect operators, while deploying satellite technology to monitor mining activities nationwide.
He also presented the Nigeria Solid Minerals Company (NSMC) as the government’s preferred joint venture partner, leveraging mineral assets inherited from the former Nigerian Mining Corporation to meet investor needs.
According to him, the NSMC represents a model of shared prosperity through shared investment, co-investing in high-value projects, reducing exploration risks, and promoting downstream processing.
Assuring over 1,000 conference participants of Nigeria’s preparedness
For investment, Alake disclosed that more than 80 per cent of the country has been covered by geological mapping through the Nigerian Geological Survey Agency and private exploration investors. He added that the government has finalised Solid Minerals Export Guidelines to align exports with global traceability, environmental, and governance standards.
Addressing global supply chain concerns, the Minister advocated local value addition in mineral-producing countries as a sustainable solution, noting that the Africa Minerals Support Group—formed by African mining ministers—is already shaping beneficiation policies across the continent.
He also cited Nigeria’s domestic integration efforts, including state-owned mining companies and the signing of 427 Community Development Agreements between host communities and mining firms, as measures to ensure that economic, social, and governance principles are upheld in the sector.