Alake woos investors in London, promises low production costs for mining companies 

Dele Alake, the minister of solid minerals development, has assured foreign investors of low production costs to foreign investors if they invest in the country’s mining sector.

Speaking at the mines and money conference in London on Tuesday, Alake reiterated that President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors.

In a statement by Kehinde Bamigbetan, special adviser to the minister, Alake quoted a recent report by KPMG, an audit firm, that said that mining’s contribution to Nigeria’s GDP rose from 0.3 percent to 0.85 percent in 2022, indicating 0.63 percent year on year growth.

“The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the minister said.

“Recently, recognizing the evolving global landscape and in response to emerging trends, Lithium has been included as a crucial strategic mineral of global consequence.

“Nigeria is currently emphasizing solid minerals beneficiation and value-addition as a panacea for quick and sustainable growth of the mining industry.

“By adding value to our raw materials, we not only create higher value products but also generate employment opportunities for our teeming youth and increase the sector’s overall profitability and contribution to the nation’s GDP.”