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NEWS

FG, Rolls Out Incentives for Mexican Investors to Boost Mining

November 27, 2023 • 2 min read

Minister of Solid Minerals Development, Dr Oladele Alake, has rolled out incentives put in place by the Federal government to encourage investors from the Republic of Mexico to invest in its search of solid minerals in the country.

Welcoming the investors to his office recently, Alake said the administration of President Bola Tinubu had put in place incentives to ease business for investors in the industry.

The incentives, he said, included zero duty on equipment imported for solid minerals extraction, easy movement of profits to the countries of origin and tax holidays.

L-R: President, Seccion Internacional Para Africa, Dr. Heriberto Garcia Cortes, Minister of Solid Minerals Development, Dr. Dele Alake and former. Nigeria ambassador to Mexico, Amb. Adejare Bello.

The minister said investors in the mining industry were expected to sign Community Development Agreement with the communities in the mining area to ensure the socio-economic development of the region that benefited the people.

He said the administration was currently sanitising the industry, citing the recent revocation of titles which failed to comply with the law on annual service fee.

Introducing the investors, Nigeria’s out-going Ambassador to Mexico, and former speaker of the Osun State House of Assembly, Hon. Adejare Bello, assured the minister that the embassy had screened the investors and confirmed that they were genuine and serious businessmen whose investment would boost the economy.

Ambassador Bello said the Nigerian Embassy had been engaging the investors in talks over two years and decided to lead them to the minister after it certified their status.

”The Honourable Minister is aware that ambassadors have been recalled. This visit is the reason why I stayed back, so that I can bring them to you. Now, that i have achieved my mission, I will go back, pack my luggage and return home”, he said.

Speaking on behalf of other investors, President, Seccion Internacional Para Africa, Dr. Heriberto Garcia Cortes, thanked the minister for the talks, adding that they saw Nigeria as their African home that deserved all the support in the quest to expand the economy.

He noted that the meeting with the minister had helped to chart the way and given the assurance that their investment would be safe and profitable in the country.