Nigeria Woos Global Investors with Bold Incentives At London Mining Expo

Nigeria took centre stage at the Resourcing Tomorrow Exhibition and Conference in London as the Minister of Solid Minerals Development, Dr. Dele Alake, unveiled an enticing suite of incentives aimed at positioning the country as a global mining investment hotspot.

Speaking to more than 1,000 industry players, Dr. Alake announced duty waivers on imported mining machinery and guaranteed seamless repatriation of profits—key policy signals underscoring President Bola Ahmed Tinubu’s determination to build a competitive, investor-friendly mining sector.

The Minister highlighted Nigeria’s rapid strides in mineral processing, revealing that over $2 billion in foreign direct investment has flowed into lithium and rare earth projects within the last two years. Major companies including Canmax Technologies, Jiuling Lithium, Avatar New Energy Nigeria Limited, and Asba Group have collectively invested more than $1.3 billion in lithium processing facilities across the country.

He disclosed that a $50 million lithium processing plant is currently under construction just outside Abuja—set to be the first in a chain of industrial clusters covering Nasarawa, Kogi, Kwara, and Ebonyi states.

Further showcasing Nigeria’s momentum, Dr. Alake referenced the groundbreaking of Hasetins Group’s $400 million rare earths processing plant, which is expected to be completed within 15 months, alongside an upcoming multi-billion-dollar iron-to-steel project that will deploy advanced technology.

To reinforce investor confidence, the Minister detailed the establishment of the Mining Marshals to enforce mining laws, protect legitimate operators, and curb illegal activities. He added that the government is integrating satellite technology to track mining operations nationwide.

Presenting the Nigeria Solid Minerals Company (NSMC) as the government’s preferred joint-venture partner, Alake described it as a sovereign vehicle designed to co-invest in mineral projects, de-risk exploration, and catalyse downstream value addition.

He reassured potential investors that over 80 percent of Nigeria has now been geologically mapped by the Nigerian Geological Survey Agency in collaboration with private exploration firms. The Tinubu administration, he stressed, has also finalised Solid Minerals Export Guidelines that align with global traceability, environmental and governance benchmarks.

Addressing concerns about global supply chain instability, the Minister advocated for value addition in resource-rich countries, arguing that beneficiation offers a win-win solution for producers and consumers. He said the Africa Minerals Support Group—formed by African mining ministers—is already accelerating beneficiation policies across the continent.

Alake further noted that several Nigerian states now operate mining companies, deepening local participation, while 427 community development agreements have been signed to ensure host communities benefit sustainably from mining operations.

The detailed briefing, shared by the Minister’s Special Adviser, Kehinde Bamigbetan, underscored Nigeria’s commitment to transparency, local value creation, and global competitiveness—earning warm reception from participants at the London event.