The European Union has expressed strong interest in investing in Nigeria’s solid minerals sector, as part of efforts to diversify trade relations and deepen economic ties with the West African nation.
This was disclosed during a courtesy visit by the EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, to the Minister of Solid Minerals Development, Dr. Dele Alake, in Abuja. Mignot commended Nigeria’s strides in repositioning its mining industry and reaffirmed the EU’s intent to explore strategic collaborations and investment opportunities within the sector.
“We are here to better understand Nigeria’s mining landscape and identify areas of mutual interest,” Mignot said, noting the EU’s commitment to fostering sustainable and mutually beneficial trade relationships.
Responding, Dr. Alake welcomed the EU’s interest and emphasised Nigeria’s readiness to partner with EU member states and private investors to unlock the country’s mineral potential. He highlighted Nigeria’s rich endowment of critical minerals, especially high-grade lithium, cobalt, and copper—key components in green energy technologies such as electric vehicles and solar panels.
“With over $700 billion in estimated mineral deposits, Nigeria presents a vast, untapped investment opportunity. We are open for business and eager to collaborate with credible investors who are committed to sustainable and value-driven development,” Alake stated.
The Minister further outlined incentives introduced to attract foreign direct investment, including tax waivers on mining equipment, streamlined licensing processes, full profit repatriation policies, and enhanced security through mining marshals. However, he stressed that local value addition would remain a requirement for any mining license issuance.
“Investors must demonstrate commitment to processing minerals locally. That’s how we can generate jobs, drive industrialisation, and transfer technology to our people,” Alake said.
Addressing the challenge of mineral smuggling and illegal mining, Alake revealed that the government is deploying satellite imaging, pre-shipment inspections, and traceability protocols to monitor the movement of minerals from source to export points. He also called for international cooperation in curbing illicit mineral trade.
“If we work with partners like the EU to track and monitor our resources, we can significantly reduce illegal exports and ensure our minerals benefit Nigeria and the global market responsibly,” he added.
In response, Ambassador Mignot pledged that the EU would engage member states and European businesses to explore potential partnerships and contribute to Nigeria’s mining sector transformation.
The meeting marks a significant step toward deepening EU-Nigeria economic cooperation, particularly in the evolving global push for energy transition and sustainable resource development.
