The Federal Government says Nigeria’s mineral deposit is worth $700 billion and is calling on investors to take advantage of the sector.
In a press statement, the Minister Of Solid Minerals Development, Dele Alake, said Nigeria is ready to play an important role in meeting the global demand for critical minerals.
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Alake, who was speaking at a special session on the sidelines of the ongoing United Nations General Assembly in New York, said the nation’s mineral resources make it one of the top 10 players in the energy sector.
The minister, who spoke on the topic, “From critical minerals to energy transition: Africa in the driver’s seat,” at an event organised by the Corporate Council of Africa, said despite being behind other African countries in the mining, Nigeria’s mineral deposit is valued at over $700 billion, with very huge potential for increase.
Speaking broadly of the continent, Alake said Africa is fit for the driver’s seat of the global energy transition, that will be driven by critical minerals.
He further noted that Nigeria is endowed with a vast deposit of minerals critical to the New World.
He stressed that the new world’s mobility requires a new form of energy, driven by minerals.
He listed the incentives available for potential investors, such as up to 95% capital allowances for qualifying capital expenditure, up to 3-5 years of tax holiday and possible capitalization of expenditure, exploration and surveys, free transferability of foreign currency through the Central Bank of Nigeria, for servicing foreign loans, remittances of foreign capital, and much more.
He also said the country is interested in joint ventures with major foreign mining companies to explore critical minerals.
(Editor: Ifeanyi Mark)
