From Charity Nwakaudu, Abuja
The European Union (EU) has expressed strong interest in expanding trade and investment in Nigeria’s solid minerals sector, as announced by EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, during a courtesy visit to the Minister of Solid Minerals Development, Dr Dele Alake, in Abuja.
Mignot praised Nigeria’s efforts to reform its mining sector and expressed the EU’s desire to deepen its understanding of the industry to foster collaborations. In response, Alake highlighted Nigeria’s readiness to partner with EU member states and investors.
“Given our history and the cordial relationship we’ve maintained with the EU, the time is ripe to map out concrete plans and translate them into actionable projects within the solid minerals sector,” he said.
Alake emphasised Nigeria’s vast reserves of critical minerals like lithium, cobalt, and copper, vital for the global green energy transition.
“We have lithium, cobalt, copper, and more—all in commercially viable quantities. Nigeria is deepening exploration this year to discover more. Even within the limited areas explored so far, we’re looking at over $700 billion in mineral deposits. This represents a massive investment opportunity, and we encourage EU investors to take advantage of it,” he stated.
To attract investment, Alake outlined incentives including tax waivers on mining equipment, full profit repatriation, enhanced security via mining marshals, and streamlined licensing. He stressed local value addition as a condition for mining licences, saying, “Any serious investor that intends to invest in our sector must have concrete plans for local value addition because that is the only way we can really ignite the potential of our local economy and create a multiplier effect that will generate employment, technological transfer and beneficiation.”
Addressing illegal mining, Alake detailed measures for mineral traceability, including pre-shipment inspections and satellite monitoring from mines to ports.
“If we put in place mechanisms with the cooperation of other nations, we can reduce to the barest minimum incidences of our minerals surfacing in unauthorised hands. For instance, some people can smuggle lithium out and manufacture something that may not even be beneficial to the host country and to us,” he said.
Mignot assured Alake that the EU would engage member states and European firms to explore opportunities in Nigeria’s mining sector, emphasising sustainable and mutually beneficial trade.