On Tuesday, Dele Alake, the Minister of Solid Minerals Development, reassured foreign investors about the country’s mining sector’s low production costs.
At the Mines and Money Conference in London, Alake highlighted President Bola Tinubu’s efforts to reform the sector to attract foreign investment by simplifying processes and minimising obstacles.
“The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the minister said, according to a statement by his aide, Kehinde Bamigbetan.
“Recently, recognising 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 emphasising solid mineral 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.”
Referring to a recent report from audit firm KPMG, the minister stated that Nigeria’s mining sector increased its contribution to the GDP from 0.3 percent to 0.85 percent in 2022, showing a year-on-year growth of 0.63 percent.