The European Union (EU) has expressed eager curiosity in increasing commerce and funding of member international locations to Nigeria’s stable minerals sector.
Gautier Mignot, EU ambassador to Nigeria and Financial Group of West African States (ECOWAS), disclosed this throughout a courtesy go to to Dele Alake, minister of stable minerals growth, in Abuja on Tuesday.
An announcement by the ministry said that ambassador counseled ongoing efforts to reposition Nigeria’s mining sector, noting that the EU delegation seeks to raised perceive the business and discover areas of mutual curiosity and collaboration.
Responding, Alake emphasised Nigeria’s readiness to interact with EU member states and traders to unlock the huge potential of her stable minerals for shared prosperity.
“Given our historical past and the cordial relationship we’ve maintained with the EU, the time is ripe to map out concrete plans and translate them into actionable tasks inside the stable minerals sector,” he said.
Highlighting Nigeria’s wealth of essential minerals, the minister pointed to the abundance of high-grade lithium—an integral part in photo voltaic panels, electrical automobiles and battery manufacturing. He additional described Nigeria as a hub for minerals essential to the worldwide shift towards inexperienced vitality.
“We have now lithium, cobalt, copper, and extra—all in commercially viable portions. Nigeria is deepening exploration this yr to find extra. Even inside the restricted areas explored to date, we’re over $700 billion in mineral deposits. This represents an enormous funding alternative, and we encourage EU traders to reap the benefits of it,” Alake famous.
To draw investments, the minister outlined a number of incentives, together with tax waivers on mining tools, insurance policies permitting full repatriation of earnings, enhanced safety by means of devoted mining marshals, and streamlined licensing processes. He pressured that native worth addition stays a prerequisite for issuance of mining licenses to potential traders.
“Any severe investor that intends to put money into our sector should have concrete plans for native worth addition as a result of that’s the solely means we will actually ignite the potential of our native economic system, create multiplier impact that can generate employment, technological switch and beneficiation,” Alake asserted.
Hinting on the federal authorities’s new method in direction of sustainability and traceability of minerals extracted from the nation, the minister revealed that mechanisms are being put in place to trace minerals mined from the nation, whether or not uncooked, semi-processed or completed minerals. He stated that Nigeria is dedicated to making sure that minerals exported from the nation are traceable, stressing that authorities is tightening the noose on these chargeable for carting away illegally mined minerals.
He stated, “If we put in place mechanisms with the cooperation of different nations, we will cut back to the barest minimal incidences of our minerals surfacing in unauthorised palms.
“As an example, some individuals can smuggle lithium out and manufacture one thing that won’t even be helpful to the host nation and to us.”
Outlining mechanisms already in place, the minister identified on-going pre-shipment inspections, satellite tv for pc imaging underway to watch actions from the mine pit to the port or processing manufacturing unit amongst others, welcoming collaboration from the EU to spice up reforms and construct a extra clear, investor-friendly mining sector.
Ambassador Mignot assured the minister that the EU would seek the advice of with member states and encourage European corporations to discover partnership alternatives in Nigeria’s stable minerals area, noting the EU’s shared dedication to sustainable and mutually helpful commerce relationships.
