Duty waivers, profit repatriation, and industrial clusters spotlighted at London’s ‘Resourcing Tomorrow’ exhibition
Nigeria is rolling out a comprehensive package of incentives aimed at luring international investment into the country’s solid minerals sector, Minister of Solid Minerals Development Dele Alake has announced.
Speaking at the ‘Resourcing Tomorrow’ annual exhibition and conference in London, Alake highlighted duty waivers on imported equipment and guaranteed seamless repatriation of profits as part of the strategy to strengthen the sector.
Over $2 Billion in Mineral-Processing Investments Achieved
The minister noted that Nigeria has attracted more than $2 billion in mineral-processing investments over the past two years, driven by President Bola Tinubu’s value-addition policy, which aims to end the export of raw minerals.
“Since last year, companies such as Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Limited, and Asba Group have collectively invested over $1.3 billion in lithium processing projects across Nigeria,” Alake said.
“These are not speculative ventures; they are bricks, mortar, and machinery.”
He added that a $50 million lithium processing plant near Abuja is under construction, forming part of a network of industrial clusters spanning Nasarawa, Kogi, Kwara, and Ebonyi states.
Major Projects Underway
Alake also highlighted other flagship projects, including:
- The $400 million rare earths plant by the Hasetins Group, expected to be operational within 15 months.
- A multi-billion-dollar iron ore to steel project incorporating state-of-the-art technology.
Government Measures to Ensure Compliance and Efficiency
To safeguard investments, the government has deployed mining marshals and is integrating satellite technology to monitor mining activities nationwide.
The minister presented the Nigeria Solid Minerals Company (NSMC) as the federal government’s preferred joint-venture partner.
“The NSMC embodies our philosophy of shared prosperity through shared investment,” Alake said.
“It functions as a sovereign partner, co-investing in high-value mineral projects, de-risking exploration, and catalyzing downstream processing.”
Investment-Ready Nigeria: Geological Mapping and Export Guidelines
Alake assured over 1,000 participants at the conference that Nigeria is ready for global investment. He noted that geological mapping now covers over 80% of the country, and the government has completed solid minerals export guidelines aligned with global traceability, environmental, and governance standards.
He emphasized that value addition at the source is a key solution to global supply chain challenges, citing the Africa Minerals Support Group as an initiative promoting beneficiation across the continent.
The minister also highlighted Nigeria’s commitment to broader sector participation and social responsibility, pointing to:
- Nigerian states operating mining companies
- Signing of 427 community development agreements between mining companies and local communities
“Nigeria is investment-ready, with policies that ensure economic, social, and governance principles guide every project,” Alake concluded.
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