BUSINESS DAY NG
The Federal Government, through the Ministry of Solid Mineral Development, has announced a strategy to attract investment to the mining sector, incorporating tax waivers on imported mining equipment.
Dele Alake, the minister of the sector, conveyed this information during a meeting with his Saudi Arabian counterpart, Bandar AlKhorayef, at the Future Minerals Forum in Riyadh, Saudi Arabia.
During the discussion, Alake underscored the significance of forming partnerships and highlighted the crucial role of Nigeria’s abundant critical minerals in the global energy transition.
He emphasised the need for investments in local value addition through solid mineral processing, leading to the establishment of factories within Nigeria and generating employment to boost the economy.
According to him, “We need a lot of investments in exploration, exploitation, extraction, processing, and local value addition. We realise that we must look at regions outside of Africa to collaborate, further consolidate, and enhance our capacity to explore and exploit the natural resources that we have.
“For us to maximally utilise, exploit, and derive maximum revenue for our own economic and infrastructural development, we need to have a very solid partnership with nations like Saudi Arabia.”
