FG ANNOUNCES OVER $2BN INVESTMENT INFLOWS INTO LITHIUM, RARE EARTH PROJECTS
By: Safiya Abdulrahim Dabban
The Federal Government says Nigeria has attracted more than $2 billion in investment into lithium and rare earth projects in the last two years, signalling rising global confidence in the country’s mining sector.
Minister of Solid Minerals, Dr. Dele Alake, made the announcement at the London “Resourcing Tomorrow” mining expo, where he unveiled new incentives such as duty waivers on mining equipment and easy profit repatriation to attract more investors.
Alake highlighted major ongoing projects, including a $1.3bn investment by several global companies in lithium processing plants and a $400m rare earth processing plant expected to be completed in 15 months. He added that a $50m lithium plant near Abuja is already under construction.
The Minister said the government has strengthened security around mining operations through the Mining Marshals and is promoting joint ventures via the Nigeria Solid Minerals Company. He also noted that over 80% of Nigeria has been geo-mapped, improving investor confidence.