…seeks foreign direct investment in nation’s mining industry
Determined to shed light on the far-reaching strides made by Nigeria in the solid minerals sector, with the objective to promoting the country as one of the key destinations, Neveah Limited, an indigenous export company, has taken the message to the London Metal Exchange (LME) Seminar for the LME Week as the sponsor of the event.
To achieve this, in its address, Neveah is presenting an overview of Nigerian base metals, describing the current state of the Nigerian solid minerals sector and the steps the government is taking to promote and regulate mining activities in the country.
In a statement, a copy of which was made available to BusinessDay, the company said that the CEO’s address at the event would highlight incentives such as the Pioneer Tax Status, Export Expansion Grant, and the RT 200 Non-Oil Export Proceeds Repatriation Rebate Scheme, while also highlighting the efforts that have been made to formalise and regulate artisanal and small-scale mining to ensure responsible sourcing and revenue generation in Nigeria.
The aim, the company said, was to encourage global interest and ultimately, attract foreign direct investment in Nigeria’s Mining Industry.
“The London Metal Exchange is
the trading and price formation venue of industrial metals globally, with an annual trade volume of $15.2 trillion annually. It employs a published set of rules and regulations which forms the basis of sustaining an orderly market,” the statement added.
According to Neveah MD/CEO, Ibidapo Lawal, “it is not always an easy decision investing heavily in such global activities, but when juxtaposed with the value addition to our company, stakeholders, and the country at large, the reward on investment is unquantifiable. Neveah is
a company with tunnel vision – we always look at the bigger picture in decision making and evaluate how our choices can transform our society and leave a mark on the greater African continent.
“Neveah understands the importance of playing on a global scale and has been part of the global solid minerals community for many years. We would therefore like to use this opportunity to encourage other indigenous businesses to take steps towards promoting their business activities globally as nobody can tell our stories or champion our cause like we can.”
On the LME event, Lawal said: “Neveah Limited has religiously displayed ingenuity and a pioneering culture by being the first and only Nigerian company to take part in this annual conference for three years and counting. We strongly believe in employing innovative strategies and taking on uncharted territories while carrying out our business activities.”
The event, which began on Monday, 9th will end on Friday, 13th October 2023.