The European Union (EU) and Nigeria have indicated interest in boosting trade and investment in Nigeria’s solid minerals sector.
This follows a meeting on Tuesday, where EU Ambassador to Nigeria and ECOWAS, Mr Gautier Mignot, led a delegation to the Minister of Solid Minerals Development, Dr Dele Alake, in Abuja.
At the meeting, Mr Mignot said the EU is eager to deepen trade and investment ties in Nigeria’s solid minerals sector.
He emphasised the EU’s commitment to forging trade relationships that are both fair and sustainable for all parties.
He added that he would consult member states and encourage European firms to explore investment opportunities in Nigeria’s mining sector.
The ambassador praised Nigeria’s mining reforms, especially those focused on value addition and enhanced security at mining locations nationwide.
He explained that the visit aimed to better understand Nigeria’s mining landscape and identify areas for collaboration and mutual benefit.
In response, Alake welcomed EU support in reforming Nigeria’s mining industry and making it more transparent and attractive to investors.
He reaffirmed Nigeria’s willingness to engage EU states and investors to unlock the country’s mineral wealth for shared prosperity.
Alake said the strong EU-Nigeria relationship provides a solid foundation for concrete projects in the solid minerals sector.
He described Nigeria as a key source of critical minerals for the global energy transition, including high-grade lithium.
“We have lithium, cobalt, and copper in viable quantities. This year, we’re expanding exploration to uncover more reserves,” he stated.
He revealed that even limited exploration suggests over $700 billion in mineral deposits, representing vast investment potential.
To attract investors, Alake listed incentives including tax waivers on equipment, full profit repatriation, and improved security through dedicated mining marshals.
He added that streamlined licensing procedures are in place to ease operations for serious investors.
However, he stressed 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 highlighted efforts to ensure mineral exports are traceable, curbing illegal mining and smuggling.
“With international cooperation, we can drastically reduce cases of stolen minerals ending up in unauthorised hands,” he explained.
He cited lithium smuggling as an example, warning it deprives Nigeria of full economic and technological value.
Alake noted that pre-shipment inspections have begun, and satellite monitoring from pit to port is underway to sanitise the sector.
