The Minister of Solid Minerals Development, Mr Dele Alake, on Tuesday urged foreign investors to take advantage of low cost of production in Nigeria’s mining sector and invest in it for huge returns.
Alake, in a speech delivered at the Mines and Money Conference held in London, said the President Bola Tinubu-led administration was currently removing all obstacles hamepring business transactions and investment in the country.
Quoting a recent report by KPMG, an audit firm to justify his position on the increasingly conducive business climate in the country, the minister 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 harped on the benefits of processing of mineral resources locally for the producing communities rather than wholesale export of the raw mineral resources.
The minister said: “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.
“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”, Alake added