Solid mineral deposits in Nigeria in pitch for foreign investment
By Jeph Ajobaju, Chief Copy Editor
Solid mineral deposits in Nigeria are valued at more than $700 billion, putting the country in pole position to meet global demand, Dele Alake has disclosed in his push to attract international investors.
The Solid Minerals Development Minister made the point on Wednesday on the sidelines of the 78th United Nations General Assembly (UNGA) in New York.
He said despite being behind other African countries in mining, Nigeria’s mineral deposits have a huge potential for increase.
“Nigeria is endowed with a vast deposit of minerals critical to our new world,” stressed Alake, who was represented by the ministry’s Deputy Press Director.
“Nigeria is well-positioned to play an important role in our new world. Our solid mineral sector is valued at over USD$700bn and we know there is more to be discovered.
“Endowed with critical minerals, Nigeria should not, and dare I say, cannot be ignored.
“In our new world, mobility requires a new form of energy driven by minerals in our new electric vehicle world.
“Technology is more mineral-dependent, our energy source will depend more on the energy converted from the sun and other sources, and energy storage is even more mineral-reliant.”
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Reducing carbon footprints
Alake emphasised the need for the world to reduce carbon footprints and engage in activities that will lead to more demand for solid minerals that Nigeria possesses, per Nairametrics.
“This trend does not have any reversal in sight and demand will only continue, particularly as the world seeks and envisions a lower carbon future where environment, social and governance (ESG) factors are prioritised in governance and investment decisions.
“Therefore, minerals are at the forefront. Without a doubt, minerals are a major focus of our world today and rightly so.”
Alake disclosed lithium-hosted pegmatite rocks are found in Nasarawa, Kwara, Oyo, Abuja, and Kebbi, among other locations, adding graphite is also found in Kaduna.
He made a case for direct foreign investments (DFI) into Nigeria, saying the country is ready for collaboration and partnership in the solid minerals sector.
Nigeria will grant up to 95 per cent capital allowances of qualifying capital expenditure, and between three and five years of tax holidays as well as possible capitalisation of expenditure, Alake said.
He promised the Central Bank of Nigeria (CBN) will grant free transferability of foreign currency for servicing of loans and other expenses.
