FG receives Mexican investors in solid minerals sector

…pledges tax holidays, others

The Federal government has received investors from the Republic of Mexico who are targeting the solid mineral space. In a bid to attract more investors into the sector, the government also announced a series of incentives.

Dele Alake, the minister of Solid Minerals who received the investors in Abuja, said that the administration of President Bola Tinubu has put in place incentives to ease business for investors in the industry.

The incentives, according to Alake, include zero duty on equipment imported for solid minerals extraction, easy movement of profits to the countries of origin and tax holidays.

According to a statement issued by Segun Tomori, special assistant to the minister on media, investors in the mining industry are expected to sign a Community Development Agreement (CDA) with the communities in the mining area to ensure the socio-economic development of the region.

He said the administration is currently sanitising the industry citing the recent revocation of titles which failed to comply with the law on annual service fee.

fees his remarks, Adejare Bello, Nigeria’s outgoing Ambassador to Mexico, assured the minister that the embassy had screened the investors and confirmed that they were genuine businessmen whose investment would boost the economy.

According to Bello, the Nigerian Embassy has been engaging the investors in talks for over two years and decided to lead them to the minister after it certified their status.

” The Honourable Minister is aware that ambassadors have been recalled. This visit is the reason why I stayed back so that I can bring them to you. Now, that I have achieved my mission, I will go back, pack my luggage and return home”, he said.

Speaking on behalf of other investors, Heriberto Garcia Cortes, president, of Seccion Internacional Para Africa, said that Nigeria was their home in Africa, and hence deserves all the support in the quest to expand the economy.

He said the meeting with the minister has helped to chart the way and given the assurance that their investment will be safe and profitable in the country.