Nigeria’s Minister of Solid Minerals Development, Dr. Oladele Alake, seeks to woo foreign investors with lower mining production cost and a commitment to improve the security of mining operations and cut red tapes, which slow business transactions.
Dr. Alake made the pledge at the Mines & Money Conference, which opened in London, United Kingdom on 28 November, 2023.
Addressing global stakeholders in the mining industry, Alake, in the 15-minute speech pitched for more investment in Nigeria, listing unique advantages such as lower production cost due to surface mining and billions of dollars of untapped minerals.
At the Mines & Money Conference in London, I emphasized Nigeria's commitment to welcome foreign investors by simplifying procedures and ensuring secure mining operations.
Nigeria's mining sector is on the rise and our GDP contribution grew from 0.3% to 0.85% last year. We've… pic.twitter.com/vKWRoNnnYz
— Dele Alake (@AlakeDele) November 28, 2023
Dr. Alake quoted recent reports by audit firm, KPMG, which reported that mining’s contribution to Nigeria’s GDP rose from 0.3 per cent to 0.85 per cent last year, indicating a 0.63 per cent year-on-year growth.
“The country’s geological bounty encompasses over 44 distinct mineral types found in exploitable quantities across more than 500 locations.
“Recently, recognizing the evolving global landscape and in response to emerging trends, Lithium has been included as a crucial strategic mineral of global consequence.
The minister explained that the administration of President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors.
Showcasing recent progress in creating conditions for solid minerals development, Dr. Alake highlighted fresh data revealed by the Airborne Geophysical Survey, a memorandum of understanding with German firm, Geoscan, to gather more data on solid minerals across the country and access to finance through a new funding facility launched by the Africa Finance Corporation and the Solid Minerals Development Fund.
The minister reminded the global mining community of the Federal Government’s policies on how mining operations must benefit the communities and lead to processing instead of wholesale export of raw minerals.
“Nigeria is currently emphasizing Solid Minerals Beneficiation and Value-Addition as a panacea for quick and sustainable growth of the Mining Industry.
“…By adding value to our raw materials, we not only create higher value products but also generate employment opportunities for our teeming youths and increase the sector’s overall profitability and contribution to the nation’s GDP,” Dr. Alake added.
He urged investors to support the socio-economic development of the communities where they mine to make mining mutually beneficial, citing the recent launch of the revised guidelines for Community Development Agreement which provides for social amenities, educational support, health and safety environmental facilities.
