The Federal Government has presented a fresh package of incentives to attract global mining investors, including seamless repatriation of profits and duty waivers on imported mining machinery.
The offer was unveiled at the Resourcing Tomorrow Exhibition and Conference in London, where Minister of Solid Minerals Development, Dr. Dele Alake, led Nigeria’s delegation.
Addressing participants at the high-profile global mining forum, Dr. Alake announced that Nigeria is fully prepared for large-scale investment in its solid minerals sector.
He highlighted more than $2 billion in new inflows into lithium and rare earth projects over the last two years, describing the investments as proof that Nigeria’s value-addition policy under President Bola Ahmed Tinubu is delivering results.
According to the Minister, companies such as Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Limited and Asba Group have collectively invested over $1.3 billion in lithium processing alone.
He noted the ongoing construction of a $50 million lithium processing plant near Abuja—one of several industrial clusters planned across Nasarawa, Kogi, Kwara and Ebonyi states.
He also referenced the recent groundbreaking of Hasetins Group’s $400 million rare earth processing plant, expected to be completed within 15 months, as well as a major iron-to-steel project currently in development.
Dr. Alake explained that the administration has strengthened sector security with the establishment of the Mining Marshals, supported by satellite monitoring technologies to track mining activities nationwide.
He also introduced the Nigeria Solid Minerals Company (NSMC) as government’s preferred joint-venture partner for investors seeking to leverage mineral assets inherited from the former Nigerian Mining Corporation.
“The NSMC embodies our philosophy of shared prosperity through shared investment,” he said.
“It co-invests in high-value mineral projects, de-risks exploration, and catalyzes downstream processing.”
The Minister assured more than 1,000 conference participants that Nigeria has significantly improved investor readiness, with the Nigerian Geological Survey Agency and private exploration firms having mapped over 80 percent of the country’s geology.
He added that the Tinubu administration has finalized new Solid Minerals Export Guidelines to align Nigeria’s export system with global traceability, environmental and governance standards.
Responding to concerns about global supply chain disruptions, Dr. Alake advocated for local value addition in mineral-producing countries as a long-term “win-win solution.
He pointed to the emerging Africa Minerals Support Group—formed by African mining ministers—as a catalyst for continental beneficiation policies.
The Minister noted that several Nigerian states now operate mining companies, deepening economic participation and accountability at the subnational level.
He also highlighted the signing of 427 Community Development Agreements (CDAs) between mining companies and host communities as a strong indicator of Nigeria’s commitment to environmental, social and governance (ESG) principles.
