FG Woos Foreign Mining Investors With Lower Production Cost

Posted by Samson Kankan Business News, Latest Headlines Wednesday, November 29th, 2023

(AFRICAN EXAMINER) – The Minister of Solid Minerals Development, Dele Alake, on Tuesday assured foreign investors of low production costs in the country’s mining sector.

Speaking at the Mines and Money Conference in London, Alake said that President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors.

The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the minister said, according to a statement by his aide Kehinde Bamigbetan.

“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.

“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 quoted a recent report by an audit firm, KPMG, the minister said mining’s contribution to Nigeria’s GDP rose from 0.3 per cent to 0.85 per cent in 2022, indicating 0.63 per cent year-on-year growth.