Dele Alake, Nigeria’s minister of solid minerals, has revealed that the country’s mineral resources are currently valued at over $700 billion.
Alake made the statement while speaking at an event on the sidelines of the United Nations General Assembly, with the theme: “From critical minerals to energy transition: Africa in the driver’s seat.”
He said there is potential for further discoveries, demonstrating Nigeria’s readiness to meet the growing global demand for these essential resources.
Highlighting the significance of the solid mineral development sector, Alake stated that President Bola Ahmed Tinubu has made it a central focus of his administration, with the ambitious goal of making it a pivotal contributor to Nigeria’s national Gross Domestic Product.
He emphasised that Nigeria boasts abundant resources such as lithium, graphite, and rare earth elements.
He pointed out that valuable minerals like lithium, graphite, nickel, and more are found within Nigeria’s borders, and there is a steadfast commitment to developing the entire value chain within the country.
Alake invited foreign investors to participate in Nigeria’s solid mineral sector.
He highlighted the deliberate incentives offered by the government to attract investment, including capital allowances of up to 95% for qualifying capital expenditure, tax holidays ranging from 3 to 5 years, the possibility of capitalising spending on exploration and surveys, and free transferability of foreign currency through the Central Bank of Nigeria for servicing foreign loans and remittances of foreign capital, among other benefits.
He also articulated Nigeria’s determination to be vital in the evolving global landscape, particularly within the solid mineral sector.
”Our goal is clear: Nigeria is well-positioned to play an important role in our new world, and we’re ready to collaborate.
”President Tinubu’s vision for the solid mineral sector is ambitious, and we are determined to make it a reality,” the minister said.