By Matthew Denis, Abuja
The European Union has expressed strong interest in expanding trade and investment from its member countries into Nigeria’s solid minerals sector.
This was revealed by the European Ambassador to Nigeria and ECOWAS, H.E. Gautier Mignot, during a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake, on Tuesday.
Ambassador Mignot commended the ongoing efforts to revitalise Nigeria’s mining sector, adding that the EU delegation is keen to gain a deeper understanding of the industry and identify areas for potential collaboration.
In response, Dr. Alake underscored Nigeria’s commitment to working closely with EU member states and investors to unlock the enormous potential of the country’s solid minerals for mutual prosperity. “Considering our strong historical ties and the cordial relationship we’ve maintained with the EU, the time has come to formulate actionable plans and turn them into real projects in the solid minerals sector,” he said.
The Minister further drew attention to Nigeria’s rich mineral resources, particularly high-grade lithium, which is a vital component in solar panels, electric vehicles, and battery production. He described Nigeria as a key player in the global transition to green energy due to its abundant deposits of minerals critical for this shift.
“We have lithium, cobalt, copper, and many more in commercially viable quantities. Nigeria is intensifying exploration efforts this year to unearth even more resources. In fact, even with the limited areas explored so far, we are looking at over $700 billion worth of mineral deposits. This is a huge investment opportunity, and we urge EU investors to seize it,” Dr. Alake remarked.
To attract investment, the Minister outlined a range of incentives, including tax exemptions on mining equipment, policies permitting full repatriation of profits, enhanced security through dedicated mining marshals, and simplified licensing procedures.
He emphasised that local value addition is a key requirement for the issuance of mining licences to potential investors.
“Any serious investor looking to invest in our sector must have solid plans for local value addition. This is the only way to truly unlock the potential of our local economy, create jobs, facilitate technological transfer, and enable beneficiation,” Dr. Alake asserted.
In a nod to the Federal Government’s renewed focus on sustainability and the traceability of minerals, the Minister revealed that mechanisms are being put in place to monitor minerals extracted from Nigeria, whether raw, semi-processed, or finished.
He stressed Nigeria’s commitment to ensuring that all minerals exported from the country are traceable, while also tightening efforts to curb illegal mining activities.
“We are putting systems in place, with the help of other nations, to minimise the illegal movement of our minerals. For example, individuals might smuggle lithium and produce items that do not benefit either the host country or us,” he explained.
Dr. Alake outlined existing mechanisms, such as pre-shipment inspections and satellite imaging, to track activities from the mine pit to ports and processing factories. He welcomed further collaboration with the EU to strengthen reforms and build a more transparent, investor-friendly mining sector.
Ambassador Mignot reassured the Minister that the EU would engage with its member states and encourage European companies to explore partnership opportunities in Nigeria’s solid minerals sector. He reaffirmed the EU’s shared commitment to fostering sustainable and mutually beneficial trade relationships.
