EU seeks to expand trade, investment in Nigeria’s solid minerals sector
The European Union (EU) has expressed its interest in expanding trade and investment in Nigeria’s solid minerals sector. European Ambassador to Nigeria and ECOWAS, H.E. Gautier Mignot, made this known during a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake, in Abuja.
Ambassador Mignot praised Nigeria’s ongoing efforts to reform and reposition its mining sector, emphasizing the EU delegation’s interest in exploring areas of collaboration. He expressed the EU’s commitment to strengthening ties with Nigeria in order to support the growth of the country’s solid minerals industry.
In response, Minister Alake emphasized Nigeria’s readiness to engage with the EU and investors to unlock the nation’s rich mineral resources for economic growth. “The time is ripe to turn our solid mineral resources into actionable projects, bringing real benefits to both Nigeria and the EU,” he stated.
Dr. Alake also highlighted Nigeria’s vast mineral wealth, particularly high-grade lithium, which is in high demand for the production of electric vehicles, solar panels, and batteries. He pointed out that Nigeria is poised to become a key player in the global green energy transition, with significant untapped reserves of lithium, cobalt, and copper.
The Minister detailed efforts to deepen exploration and attract foreign investment, noting that Nigeria’s mineral deposits are worth over $700 billion. He also outlined various incentives for investors, including tax waivers, policies allowing full profit repatriation, and a streamlined licensing process for mining operations.
Dr. Alake emphasized that for the mining sector to truly benefit the local economy, investors must commit to value addition. “Local value addition is crucial to maximizing the potential of our mining sector,” he said, stressing that investment in local beneficiation would create jobs, foster technological transfer, and stimulate economic growth.
The Minister also discussed the government’s new approach to ensuring the traceability of minerals, aiming to prevent illegal exports. He revealed that mechanisms such as satellite monitoring and pre-shipment inspections are being introduced to track minerals from extraction to export, ensuring compliance with regulations.
Ambassador Mignot assured Dr. Alake that the EU would continue to encourage European companies to explore partnership opportunities in Nigeria’s solid minerals sector, reinforcing the EU’s commitment to building a sustainable and mutually beneficial relationship with Nigeria.
