The Minister of Solid Minerals Development, Mr. Dele Alake, has revealed that Nigeria’s solid minerals are valued at over $700 billion, positioning the country to meet the global demand for critical solid minerals. Speaking at the United Nations General Assembly (UNGA) in New York, Alake emphasized Nigeria’s potential for increased contributions to the solid mineral sector despite lagging behind other African countries in mining.
Mr. Alake, speaking through the Deputy Director of Press in the Ministry of Solid Minerals, highlighted Nigeria’s vast mineral deposits, which are critical to the evolving global landscape. He stated that Nigeria possesses minerals of significant value and importance for emerging technologies, such as electric vehicles and renewable energy sources.
Alake pointed out that as the world seeks to reduce carbon emissions and embrace environmental, social, and governance (ESG) principles, there will be a growing demand for the solid minerals Nigeria possesses. These minerals are essential for the development of clean energy technologies, energy storage, and other critical applications.
The minister specifically mentioned the presence of lithium-hosted pegmatite rocks in various Nigerian states, including Nasarawa, Kwara, Oyo, Abuja, and Kebbi. He also noted the presence of graphite in Kaduna.
Mr. Alake highlighted the government’s readiness to attract direct foreign investments (DFI) into Nigeria’s solid mineral sector. The incentives offered to investors include up to 95% capital allowances for qualifying capital expenditure, tax holidays lasting 3-5 years, and potential capitalization of expenditure. Additionally, the Federal government, through the Central Bank of Nigeria (CBN), will provide free transferability of foreign currency for loan servicing and other expenses.
Nigeria’s solid mineral sector is positioned to play a crucial role in the global transition to cleaner and more sustainable technologies, making it an attractive destination for investment and development.
