Mexico eyes mining sector in Nigeria
Mexico has expressed interest in Nigeria’s mining sector. This was highlighted during a visit of investors from the Republic of Mexico seeking opportunities in the country.
Minister of Solid Minerals Development, Dr. Oladele Alake who welcomed the investors highlighted the incentives provided by President Bola Tinubu’s administration to facilitate business for investors in the mining sector.
Specific incentives mentioned include zero duty on equipment imported for solid minerals extraction, ease of repatriating profits to investors’ home countries, and tax holidays. The minister emphasized the administration’s commitment to creating a conducive environment for investors in the mining industry.
Community development
Those involved in the mining sector are expected to enter into community development agreements with local communities in the mining areas. The aim is to ensure the socio-economic development of regions affected by mining activities, with a focus on benefiting the local population.
Dr. Alake informed investors about ongoing efforts to sanitize the mining industry, including 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 and vouched for their authenticity and genuine business intentions. Bello expressed confidence in the potential of the investors’ contributions to boost Nigeria’s economy.
Ambassador Bello commended the minister for creating an enabling environment for collaborations and emphasized the importance of foreign investments in driving economic growth.
