Nigeria’s over $700bn solid mineral deposit sufficient to meet global demand — Dele Alake

Minister of Solid Minerals Development, Mr Dele Alake has said that Nigeria’s solid mineral valued at over $700billion is well placed to meet the global demand for critical solid minerals.

Speaking on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York, Alake said despite being behind other African countries in mining, Nigeria’s mineral deposit is valued at over $700 billion with huge potential for increase.

The minister, who made the case for direct foreign investments (DFI) into Nigeria, said the country is ready for collaboration and partnership in the solid minerals sector.

He said Nigeria will grant up to 95 per cent capital allowances of qualifying capital expenditure, 3-5 years of tax holidays and possible capitalization of expenditure.

The Minister also noted that the Federal government through the CBN will grant free transferability of foreign currency for servicing of loans and other expenses.

Speaking through the deputy director of Press in the Ministry of Solid Minerals, Mr Alake said, “Nigeria is endowed with a vast deposit of minerals critical to our new world. Nigeria is well-positioned to play an important role in our new world. Our solid mineral sector is valued at over USD$700bn and we know there is more to be discovered.

“Endowed with critical minerals, Nigeria should not and dare I say, cannot be ignored.

“In our new world, mobility requires a new form of energy driven by minerals in our new electric vehicle world.”

“Technology is more mineral-dependent, our energy source will depend more on the energy converted from the sun and other sources, and energy storage is even more mineral-reliant.”

He pointed out that the need for the world to reduce its carbon footprints and engage in ESG activities will lead to increased demand for some of the solid minerals Nigeria possesses.

In his words, “This trend does not have any reversal in sight and demand will only continue, particularly as the world seeks and envisions a lower carbon future where environment, social and governance (ESG) factors are prioritized in governance and investment decisions.

“Therefore, minerals are at the forefront. Without a doubt, minerals are a major focus of our world today and rightly so.”