FG seeks investment in local mining factories

The Minister of Solid Minerals Development, Dr. Dele Alake, has called for the need for foreign investors to invest in the value addition of solid minerals they are interested in Nigeria.

Speaking during a meeting his Saudi Arabian counterpart, Bandar AlKhorayef, on the sidelines of the Future Minerals Forum (FMF) holding in Riyadh, Saudi Arabia, Alake stated that this is to enable production and establishment of factories in Nigeria, which he noted will generate employment and have a multiplier effect on the economy. 

In a statement by his Special Assistant on Media, Segun Tomori, he emphasized the readiness of the Nigerian team to work with their Saudi Arabian counterpart to finetune specifics and map out strategies to concretize areas of collaboration within a specified time frame.

Throwing light on incentives for investment, Alake cited the policy of President Bola Tinubu on repatriation of profits by foreign investors, tax waivers on imported equipment specifically directed at the mining sector and a rejigged security architecture which he hinted will soon come on stream to effectively secure mining areas in the country.