Nigeria is pulling out all the stops to become a mining powerhouse, dangling profit repatriation perks and duty-free imports on equipment to lure billions more in foreign cash.
Solid Minerals Development Minister Dele Alake dropped the bombshell incentives Tuesday at the Resourcing Tomorrow Exhibition and Conference in London, telling over 1,000 mining bigwigs that the country is primed for a boom. Over the past two years, he’s said, Nigeria has already reeled in more than $2 billion in foreign direct investment for lithium and rare earth digs—proof the Tinubu government’s push for local processing is paying off big time.
“These aren’t pie-in-the-sky dreams; they’re steel beams, concrete slabs, and humming machines,” Alake quipped, spotlighting $1.3 billion poured in by heavyweights like Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Ltd., and Asba Group for lithium refineries nationwide.
A $50 million lithium plant is breaking ground near Abuja, the kickoff to a chain of industrial hubs spanning Nasarawa, Kogi, Kwara, and Ebonyi states. On the rare earth front, Hasetins Group’s $400 million facility is slated to wrap up in just 15 months, while a massive iron-ore-to-steel behemoth worth billions is gearing up for launch.
To seal the deal, Alake touted beefed-up safeguards: the elite Mining Marshals squad is now on the beat, soon to get satellite eyes for round-the-clock oversight. He’s pitching the Nigeria Solid Minerals Company (NSMC) as the ultimate JV buddy, dipping into old Nigerian Mining Corporation assets to co-fund high-stakes projects and spark processing chains.
“Nigeria’s got the maps—over 80% of the terrain charted by the Geological Survey Agency and private scouts—for smart bets,” he added, fresh off sealing Solid Minerals Export Guidelines that sync with global green and traceability rules.
Pushing back on supply chain jitters, Alake plugged on-the-ground value-add in Africa via the new continent-wide Minerals Support Group, where ministers are crafting policies for fatter returns at home. States are jumping in too, launching their own mining outfits to build local muscle.
Capping it off: 427 Community Development Agreements locked in with locals and miners, ensuring communities cash in on the boom while keeping things socially smooth. For investors eyeing the next frontier, Alake’s message was crystal: Nigeria’s open for business—and it’s built to last.
