EU eyes Nigeria’s solid minerals to diversify trade

In an effort to expand trade and investment in Nigeria, the European Union has declared interest in the  country’s solid minerals sector.

European Ambassador to Nigeria and ECOWAS, Gautier Mignot disclosed this during a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake in Abuja.

Mignot commended ongoing efforts to reposition Nigeria’s mining sector, noting that the EU delegation seeks to better understand the industry and explore areas of mutual interest and collaboration.

Alake emphasised Nigeria’s readiness to engage with EU member states and investors to unlock the vast potential of her solid minerals for shared prosperity. “Given our history and the cordial relationship we’ve maintained with the EU, the time is ripe to map out concrete plans and translate them into actionable projects within the solid minerals sector,” he stated.

Highlighting Nigeria’s wealth of critical minerals, the Minister pointed to the abundance of high-grade lithium—an essential component in solar panels, electric vehicles, and battery production. He further described Nigeria as a hub for minerals critical to the global shift toward green energy.

“We have lithium, cobalt, copper, and more—all in commercially viable quantities. Nigeria is deepening exploration this year to discover more. Even within the limited areas explored so far, we’re looking at over $700 billion in mineral deposits. This represents a massive investment opportunity, and we encourage EU investors to take advantage of it,” Alake added.

To attract investments, the Minister outlined several incentives, including tax waivers on mining equipment, policies allowing full repatriation of profits, enhanced security through dedicated mining marshals, and streamlined licensing processes. He stressed that local value addition remains a prerequisite for issuance of mining licenses to prospective investors.

“Any serious investor that intends to invest in our sector must have concrete plans for local value addition because that is the only way we can really ignite the potential of our local economy, create multiplier effect that will generate employment, technological transfer and beneficiation,” Alake asserted.