The Minister of Solid Minerals Development, Dr Dele Alake, has described Nigeria as Africa’s choice mining investment destination, emphasising incentives and policies promoting ease of doing business in the mining sector.
The minister disclosed this while virtually addressing the Nigeria-Australia Investment Roundtable.
Highlighting efforts to combat illegal mining and insecurity around mining areas, Alake cited the establishment of the 2,220-strong elite para-military force tagged “Mining Marshals,” which is made up of a 60-man rapid response squad, deployed in each of the 36 states of the federation and FCT.
A statement by the Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori, while quoting the Minister, said: “Illegal mining is not just unlicensed mining. It covers licenced miners operating with invalid licences, licenced miners operating outside their coordinates, or mining minerals not approved in their licences.
“The specialised mining marshals have in the short time of operations discouraged illegal mining, brought relief to recognised miners, and are clamping down on those involved in nefarious activities around mining areas across the country,” the Minister added.
Speaking further, Alake assured Australian investors that plans for the establishment of the private sector-led Nigerian Solid Minerals Corporation have reached an advanced stage, stressing that the corporation is poised for joint ventures with investors on critical minerals like lithium, gold, baryte lead, and iron ore, amongst others.
“Both the legislative and corporate processes for the establishment of the corporation have reached appreciable stages. I hope to invite you to the formal unveiling of Nigeria’s intervention in the international mining business very soon,” he added.
On strengthening regulatory frameworks, the Minister revealed that after the revocation of 1,633 titles for default in payment of annual service fees, scrutiny has been extended to other categories of defaulters in a bid to tackle indiscriminate speculation, licence racketeering, and the menace of those who obtained licences over the years but refused to move to the site.
According to him, “We have raised the approval level of permits and licences for buying minerals, exporting minerals, and operating mineral processing centres, while also authorising the publication of the monthly digest of mining statistics to keep the sector abreast of developments.”.
In addition, Dr Alake urged his audience to make Nigeria their choice investment destination, reiterating the commitment of the Tinubu administration to providing incentives and removing impediments to ease of doing business.
“Australians seeking to expand their mining portfolio to Africa should prioritise Nigeria in view of our positive investment-friendly policies and ongoing rapid transformation. Many of the heavy equipment imported for mining can be evaluated to qualify for tax waivers and exemptions from import duties. Nigeria also has a favourable fund and capital repatriation policy that ensures investors’ funds are not rapped,” the minister asserted.
In a related development, the minister, while delivering a keynote address as Chairman of the African Minerals Strategy Group (AMSG) at the first Malawi Mining Investment Forum, affirmed that value addition has come to stay as the AMSG is resolute in discouraging exports of raw, unprocessed minerals in Africa.
It will be recalled that Alake was unanimously elected as the Chairman of the African Minerals Strategy Group (AMSG), a forum of African Ministers of Solid Minerals and Mineral Resources, on the sidelines of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia, earlier in the year.
Represented by the secretary of the forum, Moses Engadu, Alake urged other African countries to take a cue from Nigeria by putting in place policies that will promote value addition for maximum benefit to citizens and boost the economies of countries on the continent.
“In Nigeria, we have taken the bull by the horns by making the submission of plans for post-extraction processing a new criterion for the approval of mining licences. We are putting together complimentary measures to evaluate the compliance of existing mining companies with our policy on value addition, “the minister added.
Alake charged African countries to speak with one voice and insist on value addition, expressing optimism that investors that mean well for the continent will embrace the policy of mutual beneficiation.
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