By: The nation online

In a bid to position Nigeria as a major mining destination, the Minister of Solid Minerals Development, Dr. Dele Alake, unveiled a package of investor incentives, including duty waivers on imported mining equipment and the seamless repatriation of profits. Speaking at the Resourcing Tomorrow conference in London, Alake highlighted that Nigeria has attracted over $2 billion in lithium and rare earth investments in the past two years, driven by a value-addition policy that requires local processing rather than raw mineral exports.

Major projects include more than $1.3 billion invested by firms such as Canmax Technologies and Jiuling Lithium in lithium processing plants, a $400 million rare earth facility under construction by the Hasetins group, and a planned multi-billion-dollar iron ore-to-steel project. Alake also cited strengthened security measures, including the deployment of Mining Marshals and satellite monitoring, to protect operations and enforce regulations.

The minister presented the Nigeria Solid Minerals Company (NSMC) as a sovereign partner for joint ventures, aimed at de-risking exploration and catalyzing downstream processing. He assured investors that over 80% of the country has been geologically mapped and that new export guidelines align with international traceability and governance standards.

Alake emphasized that Nigeria’s approach—integrating states and local communities through mining companies and community development agreements—creates a sustainable and inclusive model for mineral development, positioning the country as a competitive and secure hub for global mining investment.