Alake woos foreign mining investors with lower production cost in London

The Minister of Solid Minerals Development, Dele Alake, has urged foreign mining investors to consider investing in Nigeria.

Alake made the call while Addressing global stakeholders in the mining industry at the Mines and Money Conference which commenced in London, the United Kingdom, on Tuesday, November 28, 2023.

He called for more investment in Nigeria, listing unique advantages such as lower production cost due to surface mining and billions of dollar untapped minerals.

The minister 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 percent last year, indicating 0.63 per cent year on year growth.

His words: “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.”

Alake, in a statement issued by his Special Adviser, Kehinde Bamigbetan, said 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, the minister highlighted fresh data revealed by the Airborne Geophysical Survey, Memorandum of Understanding (MoU) 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.

He added: “Nigeria is currently emphasising 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.”

Alake, therefore, urged investors to support socio-economic development of the communities where they mine to make mining mutually beneficial.

The Star

Segun Ojo