Dr. Dele Alake, Minister of Solid Minerals Development has stated that Nigeria is Africa’s prime mining investment hub.
The Minister in a virtual address to the Nigeria-Australia Investment Roundtable on Thursday reiterated the underlying policies and incentives fostering an environment conducive to business operations in the mining sector.
Alake emphasized the government’s commitment to combating illegal mining and enhancing security around mining areas, citing the establishment of the elite para-military force known as “Mining Marshals.”
He said, “These Marshals, comprising a robust 2,220 personnel including a rapid response squad in each state, have significantly curtailed illegal mining activities, safeguarded licensed miners, and enforced regulatory compliance across the country.”
Alake assured Australian investors of Nigeria’s readiness for joint ventures through the impending establishment of the private sector-led Nigerian Solid Minerals Corporation, stressing that the advanced stages in legislative and corporate processes underscore Nigeria’s proactive stance towards engaging investors in critical mineral ventures such as Lithium, Gold, Baryte Lead, and Iron-ore.
Addressing regulatory frameworks, the Minister disclosed intensified scrutiny on defaulters of annual service fees, aiming to curb indiscriminate speculation and license racketeering.
“Approval processes for mineral permits and licenses have been streamlined, alongside the publication of monthly mining statistics to foster sector transparency and development,” Alake said.
He urged investors to prioritize Nigeria, highlighting favorable policies including tax waivers and capital repatriation.
He affirmed the government’s unwavering commitment to providing incentives and facilitating ease of doing business under the Tinubu administration.
In his capacity as Chairman of the African Minerals Strategy Group (AMSG), Alake reiterated the importance of value addition in mineral exploitation across Africa.
“Nigeria’s proactive approach, requiring post-extraction processing plans for mining license approvals, serves as a model for promoting value addition policies continent-wide,” he said.
The Minister charged African nations to unite in advocating for value addition, believing that embracing the policy will yield mutual benefits for investors and host countries alike.
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