The Minister of Solid Minerals Development, Dr. Oladele Alake has expressed appreciation for the visit of investors from the Republic of Mexico seeking opportunities in the country’s mining industry.
In a recent meeting at his office, Alake highlighted the incentives provided by the administration of President Bola Tinubu to facilitate business for investors in the sector.
Alake emphasised the administration’s commitment to creating a conducive environment for investors, citing specific incentives such as zero duty on equipment imported for solid minerals extraction, ease of repatriating profits to the investors’ home countries, and tax holidays. He stressed that these measures are aimed at attracting and encouraging investments in the mining industry.
Addressing the investors, Alake noted that those involved in the mining sector are expected to enter into community development agreements with the local communities in the mining areas. This agreement aims to ensure the socio-economic development of the regions affected by mining activities, ensuring that the local population benefits from these projects.
The minister also informed the investors about the ongoing efforts to sanitise the mining industry, highlighting the recent revocation of titles that failed to comply with the law regarding annual service fees.
The outgoing Ambassador of Nigeria to Mexico, Hon. Adejare Bello introduced the investors to the minister, assuring him of the embassy’s thorough screening process to verify the authenticity and seriousness of the investors. Bello, a former Speaker of the Osun State House of Assembly, confirmed the investors’ genuine business intentions, which he believed would significantly contribute to boosting Nigeria’s economy.
Bello, who has been engaged in talks with the investors for over two years, expressed confidence in the potential of their investment to make a positive impact. He commended the minister for creating an enabling environment for such collaborations, emphasizing the importance of foreign investments in driving economic growth.
President of Seccion Internacional Para Africa, Dr. Heriberto Cortes spoke on behalf of the investors, expressing gratitude to the minister for the discussions. Cortes conveyed their view of Nigeria as their African home deserving full support in their quest to contribute to expanding the economy. He affirmed that the meeting had provided clarity on the way forward, instilling confidence that their investments would be secure and profitable in Nigeria.
