Connect with us

Business

Nigeria’s solid mineral deposit worth over $700bn – Dele Alake

Published

on

The minister of solid minerals development, Mr. Dele Alake has said Nigeria’s solid mineral is valued at over $700billion and the country is well placed to meet the global demand for critical solid minerals.

Alake spoke on Wednesday on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York.

The minister said despite being behind other African countries in mining, Nigeria’s mineral deposit is valued at over $700 billion with huge potential for increase. 

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.

Alake said lithium-hosted pegmatite rocks can be found in Nasarawa, Kwara, Oyo, Abuja, and Kebbi among others, adding that graphite is found in Kaduna.

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% 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.

Trending