‘You’ll make good returns’ — Dele Alake woos foreign investors to mining sector

Dele Alake, minister of solid minerals, has assured investors they would make a great profit if they invest in Nigeria’s mining sector.

Alake spoke at the 21st Africa Down Under conference in Perth, Australia.

At the conference, the minister unveiled Nigeria’s mining roadmap and highlighted plans to set up the Nigerian Solid Minerals Corporation as the interface between the global mining industry and Nigeria.

Alake noted that the laws permit investors to take profits out.

He said a significant plan to show the government’s readiness to assist investors is the massive investment into geoscientific investigation of the country’s minerals, their grade, and quantum.

He said this would enable investors to project with greater certainty the costs of their investments and the profits they can make.

“Nigeria is open for business,” Alake said.

“With our ongoing reforms in the solid minerals sector, I can assure every investor that comes to our country of a conducive operating environment and good returns on their investments.”

Alake said the progress made by investors such as Basin Limited in their Jupiter project — mining lithium in the north — and Lithium King investments in the south-west confirm reports of Nigeria as the most profitable destination for the precious mineral.

The minister assured investors of safety, reiterating that the government has given illegal miners 30 days to join co-operatives.

He also said plans are underway to deploy a surveillance taskforce and mine police to combat criminals at the mines.

Stevens Davies and Hugh Morgan of Basin Limited, a mining company developing a lithium project in Nigeria, said lithium deposits in several parts of Nigeria occur close to the surface and require mainly quarrying for excavation.

The partners said their company is working on a nickel project that has shown good prospects in Nigeria.

David Gardner, a mining investor, told the minister that the roadmap has re-ignited his interest to invest.