Mining: FG Rolls Out Incentives to Woo Global Investors

The Federal Government has introduced a new set of incentives aimed at attracting international investors to Nigeria’s mining industry, including unhindered repatriation of profits and duty-free importation of mining equipment.

The incentives were announced at the Resourcing Tomorrow Exhibition and Conference in London, where the Minister of Solid Minerals Development, Dr. Dele Alake, led the Nigerian delegation.

Speaking at the prestigious global mining forum, Dr. Alake declared that Nigeria is now positioned and ready for large-scale investment in the solid minerals sector.

He revealed that the country has recorded over $2 billion in new investments in lithium and rare earth projects within the last two years, noting that this validates the success of President Bola Ahmed Tinubu’s value-addition agenda.

The Minister cited major investments by companies such as Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Limited, and Asba Group, which have collectively committed more than $1.3 billion to lithium processing.

He also referenced the construction of a $50 million lithium processing facility near Abuja, the first of several industrial clusters being developed across Nasarawa, Kogi, Kwara, and Ebonyi states.

Dr. Alake further highlighted the groundbreaking of Hasetins Group’s $400 million rare earth processing plant—scheduled for completion in 15 months—and the progress on a significant iron-to-steel development project.

To strengthen industry security, he explained that the government has deployed the Mining Marshals, supported by satellite monitoring systems to track mining operations nationwide.

He also presented the Nigeria Solid Minerals Company (NSMC) as the government’s preferred joint-venture partner for investors seeking to develop mineral assets previously under the Nigerian Mining Corporation.

Addressing more than 1,000 participants, Dr. Alake emphasized that Nigeria is better prepared for investment than ever before, with over 80 percent of the country’s geology mapped through the efforts of the Nigerian Geological Survey Agency and private exploration firms.

He added that the Tinubu administration has concluded new Solid Minerals Export Guidelines to bring Nigeria’s export framework in line with global environmental, governance, and traceability standards.

Responding to concerns about global supply chain instability, the Minister advocated for value addition within mineral-producing countries, describing it as a sustainable “win-win” model.

He highlighted the newly formed Africa Minerals Support Group—comprising African mining ministers—as a platform to drive beneficiation policies across the continent.

Dr. Alake also noted that several Nigerian states have established mining companies, promoting deeper economic involvement and transparency at the subnational level.

He underscored Nigeria’s commitment to ESG principles, pointing to the signing of 427 Community Development Agreements (CDAs) between mining companies and host communities.