During the United Nations General Assembly (UNGA) in New York, Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, revealed that the country’s mineral deposits are estimated to be worth $700 billion…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
He made this announcement at an event organized by the Corporate Council of Africa on the sidelines of the ongoing UNGA.
Alake emphasized that the potential of Nigeria’s mineral sector is set to exceed the $700 billion estimate. He highlighted that Nigeria has over 44 different types of solid minerals spread across all 774 local government areas in the 36 states and the Federal Capital Territory (FCT), Abuja.
Despite currently lagging behind some other African mining nations, Nigeria has the potential to become a leader in the industry.
The Minister stated that Nigeria is well-positioned to play a significant role in meeting the global demand for critical minerals and is ready to be a driving force in the energy transition led by critical minerals.
Alake also showcased attractive incentives for potential investors, including capital allowances of up to 95% of qualifying capital expenditure, tax holidays lasting up to three to five years, the possibility of capitalizing expenditure on exploration and surveys, and free transferability of foreign currency for servicing foreign loans and remittances of foreign capital, among other benefits.
He expressed Nigeria’s interest in establishing joint ventures with foreign major mining companies to explore critical minerals.
Additionally, he highlighted Nigeria’s potential in the production of lithium and its commitment to developing the entire value chain, from ore extraction to the end product, as part of President Bola Tinubu’s administration objectives.
