The Federal Government is seeking to attract more foreign investment in its mining sector by offering lower production costs, untapped mineral resources, and a focus on beneficiation and value addition.
Minister of Solid Minerals Development Dele Alake made the pitch at the Mines and Money Conference held in London on Tuesday.
He highlighted the country’s unique advantages, including over 44 distinct mineral types and a recent discovery of lithium, a crucial strategic mineral.
“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,” he said.
Alake also noted that the current administration has streamlined procedures and reduced hurdles to attract foreign investors.
He pointed to the growing contribution of mining to Nigeria’s GDP, which rose from 0.3 percent to 0.85 percent last year.
“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 youth and increase the sector’s overall profitability and contribution to the nation’s GDP”, he noted
He urged investors to support the socio-economic development of the communities where they mine to make mining mutually beneficial.
