Alake Urges Foreign Businesses to Invest in Nigeria’s Mining Sector
The Minister of Solid Minerals Development, Dele Alake, has described Nigeria as Africa's choice mining investment destination, emphasising incentives and policies promoting ease of doing business in the mining sector.
The minister disclosed this while virtually addressing the NigeriaAustralia Investment Roundtable.
Highlighting efforts to combat illegal mining and insecurity around mining areas, Alake cited the establishment of the 2,220 strong elite para-military force tagged “Mining Marshals” which is made up of a 60-man rapid response squad, deployed in each of the 36 states of the federation and FCT.
“Illegal mining is not just unlicensed mining. It covers licensed miners operating with invalid licenses or licensed miners operating outside their coordinates or mining minerals not approved in their licenses.
“The specialised mining marshals have in the little time of operations discouraged illegal mining, brought relief to recognised miners and is clamping down on those involved in nefarious activities around mining areas across the country”, the minister added.
Speaking further, Alake assured the Australian investors that plans for the establishment of the private sector led Nigerian Solid Minerals Corporation has reached advanced stages.
He stressed that the corporation was poised for Joint Ventures with investors on critical minerals like Lithium, Gold, Baryte Lead, Iron-ore amongst others.
“Both the legislative and corporate processes for the establishment of the corporation have reached appreciable stages. I hope to invite you to the formal unveiling of Nigeria’s intervention in the international mining business, very soon”, he added.
On strengthening regulatory frameworks, the minister revealed that after the revocation of 1,633 titles for default in payment of annual service fees, scrutiny has been extended to other categories of defaulters in a bid to tackle indiscriminate speculation, license racketeering and the menace of those that obtained licenses over the years but refused to move to site.
“We have raised the approval level of permits and licenses for buying minerals; export of minerals and operation of mineral processing centres whilst also authorising the publication of the monthly digest of mining statistics to keep the sector abreast of developments,” he stated.
In addition, Alake urged his audience to make Nigeria their choice investment destination, reiterating the commitment of the Tinubu administration to providing incentives and removing impediments to ease of doing business.
“Australians seeking to expand their mining portfolio to Africa should prioritise Nigeria in view of our positive investment friendly policies and ongoing rapid transformation.