Nigeria, EU to strengthen trade, investment in solid minerals sector

Nigeria and the European Union (EU) have expressed interest in boosting trade and investment in Nigeria’s solid minerals sector.

This follows a meeting on Tuesday, where Gautier Mignot, the EU ambassador to Nigeria and ECOWAS, led a delegation to visit Dele Alake, the minister of solid minerals development, in Abuja.

Speaking during the meeting, Mignot expressed the EU’s strong interest in strengthening trade and investment relations in Nigeria’s solid minerals sector.

He reiterated the EU’s dedication to building trade partnerships that are equitable and sustainable for all parties.

The ambassador noted that he would engage with EU member states and urge European companies to explore investment opportunities in Nigeria’s mining industry.

He commended Nigeria’s mining sector reforms, particularly those promoting value addition and improved security at mining sites across the country.

Mignot said the purpose of the visit was to gain deeper insight into Nigeria’s mining environment and identify potential areas for partnership and shared benefits.

In his response, Alake expressed appreciation for the EU’s support in its reforms aimed at making Nigeria’s mining industry more transparent and investor-friendly.

He reiterated Nigeria’s readiness to collaborate with EU member states and investors to harness the nation’s vast mineral resources for mutual benefit.

According to the minister, the strong partnership between the EU and Nigeria offers a reliable platform for implementing tangible projects within the solid minerals sector.

‘NIGERIA EXPANDING EXPLORATION TO UNCOVER MORE MINERAL RESERVES’

Alake also identified Nigeria as a major source of essential minerals needed for the global shift to clean energy, highlighting the availability of high-grade lithium.

“We have lithium, cobalt, and copper in viable quantities. This year, we’re expanding exploration to uncover more reserves,” the minister said.

He added that limited exploration indicates Nigeria holds mineral deposits valued at over $700 billion, showcasing significant opportunities for investment.

To encourage investor interest, the minister outlined several incentives such as tax exemptions on mining equipment, full repatriation of profits, and enhanced security provided by a specialised mining task force.

He also noted that the government has simplified the licensing process to ease operations for serious investors.

However, Alake added that local value addition is mandatory for securing a mining licence in Nigeria.

“Investors must plan for local processing. That’s how we generate jobs, transfer technology, and maximise economic benefits,” he said.

The minister also said there are ongoing initiatives to make mineral exports traceable, aimed at tackling illegal mining and preventing smuggling activities.

“With international cooperation, we can drastically reduce cases of stolen minerals ending up in unauthorised hands,” Alake added.

He cited lithium smuggling as a key concern, cautioning that it robs Nigeria of its full economic and technological benefits.

The minister added that pre-shipment inspections are now in effect, alongside satellite tracking from pit to port, as part of broader efforts to clean up the sector.