The Federal Government of Nigeria (FGN) has reassured foreign investors of safe, profitable, and low-cost mining business in the country.
Cutting red tapes which slow business transactions and improving the security of mining operations were among the commitments of government as reaffirmed by the Minister of Solid Minerals Development, Dr Oladele Alake, at the Mines & Money Conference which opened in London, United Kingdom on Tuesday.
In pursuit of its economic diversification agenda, the federal government had been pushing its investment wooing campaigns at different international fora and platforms in recent times.
Addressing global stakeholders in the mining industry, Alake, in the 15-minute speech pitched for more investments in Nigeria, listing unique advantages such as lower production cost occasioned by surface mining and the multi-billion dollar untapped minerals, a statement signed by Kehinde Bamigbetan, an aide of the Minister, said.
He quoted recent reports by audit firm KPMG which reported that mining’s contribution to Nigeria’s GDP rose from 0.3 percent to 0.85 percent last year, indicating 0.63 percent year on year growth.
In his words, “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.”
Dr Alake 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 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 government‘s policies that mining operations must benefit the host communities and include processing instead of wholesale export of raw minerals, citing the recent launch of the 2023 Revised Guideline for Community Development Agreement (CDS) which provides for social amenities, educational support, health and safety environmental facilities.
