Africa (Commonwealth Union) _ The European Union has expressed a strong interest in expanding trade and investment into Nigeria’s burgeoning solid minerals sector, signaling potential for deeper economic ties.
EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, made this known during a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake. According to a statement by the Minister’s media aide, Segun Tomori, Ambassador Mignot praised the ongoing reforms aimed at repositioning the sector and said the EU is eager to explore areas of mutual benefit.
In response, Dr. Alake emphasized Nigeria’s openness to working with EU member states and investors to harness the country’s rich mineral resources. He highlighted critical minerals like lithium, cobalt, and copper, essential for global green energy technologies, as being available in commercially viable quantities in Nigeria.
“We’re deepening exploration efforts and already see over $700 billion in mineral deposits in the limited areas surveyed,” the Minister stated. He stressed that this presents a massive investment opportunity for the EU.
To encourage foreign direct investment, Dr. Alake listed incentives such as tax exemptions on mining equipment, full repatriation of profits, enhanced site security through mining marshals, and a streamlined licensing regime.
However, he made clear that mining licenses would only be issued to investors with a commitment to local value addition. “Local processing is non-negotiable,” Dr. Alake said. “It creates jobs, boosts technology transfer, and maximizes the benefits to our economy.”
He also outlined Nigeria’s commitment to sustainable and traceable mineral extraction. Measures such as pre-shipment inspections and satellite surveillance are being implemented to prevent illegal mining and mineral smuggling. “We’re tightening monitoring to ensure minerals don’t fall into unauthorized hands,” he added, referencing lithium as a key example.
Dr. Alake welcomed EU collaboration on transparency and reform initiatives in the mining sector, stating that such partnerships would enhance investor confidence and promote responsible resource development.
Ambassador Mignot affirmed the EU’s willingness to encourage its companies to explore Nigeria’s solid minerals space. He noted that the EU values sustainable, mutually beneficial partnerships and will work closely with Nigeria to identify viable investment opportunities in the sector.
