At the Resourcing Tomorrow Exhibition and Conference in London, Nigeria showcased a robust investment climate in its solid minerals sector, offering seamless profit transfers and duty-free import of mining machinery.
The Minister of Solid Minerals Development, Dr Dele Alake, highlighted the country’s investment successes, noting over $2 billion in foreign direct investment in lithium and rare earth projects over the past two years. Companies such as Canmax Technologies, Jiuling Lithium, Avatar New Energy and Asba Group have collectively invested $1.3 billion in operational lithium processing projects, moving beyond plans to active construction and production.
Key projects under development include:
– A $50 million lithium plant near Abuja, the first in a network of industrial clusters spanning Nasarawa, Kogi, Kwara and Ekiti states.
– A $400 million rare earth plant by Hasetins Group, expected to open in 15 months.
– A multi-billion-dollar iron-to-steel project using advanced technology also in the pipeline.
The Minister also highlighted government initiatives to ensure a safe and efficient mining environment, including the establishment of Mining Marshals and the use of satellite technology to monitor operations nationwide. Through the Nigeria Solid Minerals Company (NSMC), the government is ready to co-invest in high-value projects, de-risk exploration and promote local processing, reflecting Nigeria’s philosophy of shared prosperity through shared investment.
