EU Seeks Investment in Nigeria's $700 Billion Mineral Sector

The European Union (EU) is intensifying its engagement with Nigeria to tap into its solid minerals sector, which is valued at over $700 billion. During a visit to Nigeria's Minister of Solid Minerals Development, Dr. Dele Alake, EU Ambassador Gautier Mignot expressed interest in establishing strategic partnerships, particularly for critical minerals like lithium, cobalt, and copper essential for the green energy transition. Dr. Alake emphasized Nigeria's commitment to local value addition and outlined incentives for investors, including tax waivers, full profit repatriation, and enhanced security measures. Both parties highlighted the need for ethical sourcing and the importance of local processing to boost the Nigerian economy. This collaboration comes at a time when Western nations are racing to secure mineral resources amid rising competition from China. The partnership is seen as mutually beneficial, aiming to reshape trade dynamics and enhance economic ties between the EU and Nigeria.