The Minister of Solid Minerals Development, Mr Dele Alake, has asked foreign investors to take advantage of low cost of production in Nigeria’s mining sector and invest.
In a 15-minute speech at the mines and money conference in London on Tuesday, Alake said the administration of President Bola Tinubu is cutting the red tape that has slowed business transactions and investment in the country.
Alake, quoting a recent report by KPMG, an audit firm, said mining sector’s contributions to Nigeria’s GDP rose from 0.3 percent to 0.85 percent in 2022, indicating 0.63 percent year-on-year growth.
He stressed the importance of processing of mineral resources for communities instead of wholesale export of the raw mineral resources.
“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.
“Nigeria is currently emphasizing solid minerals beneficiation and value-addition as a panacea for quick and sustainable growth of the mining industry,” Alake said in a statement by Mr Kehinde Bamigbetan, Special Adviser to the minister.
“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.”