FG REITERATES MINING INCENTIVES, EXTENDS WARM WELCOME TO MEXICAN INVESTORS
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The choice of investors from the Republic of Mexico to travel to Nigeria in pursuit of solid mineral investment has been commended by Dr. Oladele Alake, Minister of Solid Minerals Development.
Alake added that the President Bola Tinubu administration has implemented incentives to facilitate business for investors in the sector when he recently welcomed the investors to his office.
Zero tariffs on equipment imported for the extraction of solid minerals, simple transfers of earnings to the countries of origin, and tax holidays are some of the advantages.
In order to guarantee the socioeconomic development of the area that benefits the people, the Minister stated that investors in the mining business are obligated to sign Community Development Agreements with the communities in the mining area.
He claimed that the business is currently being sanitised by the administration, noting the recent cancellation of titles that did not pay the required annual service fee.
The minister was reassured by Hon. Adejare Bello, the former Speaker of the Osun State House of Assembly and Nigeria’s departing ambassador to Mexico, who introduced the investors. The embassy had verified that the investors are sincere and committed businessmen whose investment would stimulate the economy.
According to Ambassador Bello, when the Nigerian Embassy verified the investors’ status, it decided to take them to the minister after holding discussions with them for more than two years.
“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, Dr. Heriberto Garcia Cortes, President of Seccion Internacional Para Africa, thanked the minister for the discussions and said that they considered Nigeria their home in Africa and that it was worthy of all the assistance in its efforts to develop its economy.
He claimed that the discussion with the minister had cleared some groundwork and provided reassurance that their investment in the nation would be secure and lucrative.
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