Nigeria willing to attract investors through tax waivers – Alake

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Riyadh (Saudi Arabia), Jan. 11, 2024 – Dele Alake, the Minister of Solid Mineral Development, says the federal government is willing to attract investment to the mining sector through tax waivers on imported mining equipment.  

Alake said this during a meeting with Bandar AlKhorayef, his Saudi Arabian counterpart, on the sidelines of the ongoing Future Minerals Forum (FMF) in Riyadh, Saudi Arabia. 

He highlighted the importance of partnerships, stressing that critical minerals deposits in Nigeria were crucial to global energy transition. 

Alake expressed the willingness of the Nigerian team to collaborate with their Saudi Arabian counterparts to strategise on collaboration within specific timeframes.

“We need a lot of investments in exploration, exploitation, extraction, processing, and local value addition. We realize that we must look at regions outside of Africa to collaborate, further consolidate, and enhance our capacity to explore and exploit the natural resources that we have.

“For us to maximally utilize, exploit, and derive maximum revenue for our own economic and infrastructural development, we need to have a very solid partnership with nations like Saudi Arabia.”. 

In his response, Bandar AlKhorayef also stressed the importance of collaboration and also said that Saudi Arabia would prioritize local value addition. (GBN)

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