Lagos — Mining and trading house Glencore (GLEN.L), opens new tab will invest in Nigeria’s mining sector if the government ensures a stable business climate, the company’s CEO said on Thursday during a visit to Nigeria’s minister in charge of solid minerals.
The visit comes as Nigeria is seeking to woo foreign investors to its undeveloped mining sector.
“We are looking at opportunities to invest in the mining sector with emphasis on nickel, cobalt, zinc amongst others,” Glencore group CEO Gary Nagle said.
Dele Alake, minister of solid minerals development said Nigeria is ready to welcome international big players into its mining sector, citing reforms and ongoing efforts to clean up the sector.
“We want you to come here and invest because we have a preponderance of critical minerals like Lithium, gold, zinc and nickel amongst others that are in high demand globally,” Alake said.
Nigeria is offering incentives such as tax waivers, full repatriation of profits to investors and improved governance structure.
In the past, Nigeria has struggled to extract value from its vast mineral resources due to neglect and lack of investments. The Tinubu government is seeking to change this narrative through reforms.
The government recently revoked dormant licences, has said it would only grant new mining licences to companies that process minerals locally, opens new tab and created a security force to curb illegal mining.
Africa’s top oil producer is also rich in lithium, limestone, coal, zinc and cobalt, among others.
U.S. stocks closed lower Thursday as U.S. economic growth came in softer than forecast and inflation remained persistent.
*Isaac Anyaogu; editing: David Evans – Reuters
