FG woos Mexican investors, restates incentives to boost mining

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By Palma Ileye

Minister of Solid Minerals Development, Dr Oladele Alake has praised the decision of investors from the Republic of Mexico to visit Nigeria in search of investment in Solid Minerals.

Welcoming the investors to his office, Alake in a press release issued by Segun Tomori, Special Assistant to the Minister on Media said that the administration of President Bola Tinubu has put in place incentives to ease business for investors in the industry.

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

He explained that the 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 benefits the people.

He also 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 outgoing Ambassador to Mexico, former Speaker of the Osun State House of Assembly, Hon. Adejare Bello assured the Minister that the Embassy has screened the investors and confirmed that they were genuine and serious businessmen whose investment will boost the economy.

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

He said, “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.”

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

He said the meeting with the Minister has helped to chart the way and given the assurance that their investment will be safe and profitable in the country.