Nigeria Extends Warm Welcome to Mexican Investors, Unveils Lucrative Incentives

InfoStride News reported that the Minister of Solid Minerals Development, Dele Alake, commended the decision of investors from the Republic of Mexico to explore investment opportunities in Nigeria’s solid minerals sector. In a statement released by the Special Assistant to the Minister on Media, Segun Tomori, Alake highlighted the incentives implemented by President Bola Tinubu’s administration to facilitate a conducive business environment for investors in the industry.

These incentives notably include zero duty on equipment imported for solid minerals extraction, seamless repatriation of profits to the investors’ countries of origin, and the provision of tax holidays. Alake emphasized that investors in the mining industry are expected to enter into Community Development Agreements with the local communities in the mining areas. This initiative aims to ensure the socio-economic development of the region, thereby benefiting the local population.

Furthermore, the Minister shared that the current administration is actively working to sanitize the mining industry. As part of this effort, there has been a recent revocation of titles that failed to comply with the law regarding annual service fees. This regulatory action is intended to enforce compliance within the industry and uphold legal standards.

The investors were introduced by Nigeria’s outgoing Ambassador to Mexico, Adejare Bello, who reassured the Minister that the embassy had thoroughly vetted the investors. Ambassador Bello affirmed that the investors are genuine and serious businessmen, expressing confidence that their investments would significantly contribute to boosting Nigeria’s economy.

Ambassador Bello disclosed that the Nigerian Embassy had been engaging in discussions with the investors for over two years. Having certified their legitimacy, he led them to the Minister to explore potential investment opportunities. Bello also mentioned that his decision to stay back in Mexico, despite the recall of ambassadors, was motivated by the mission to facilitate the investors’ meeting with the Minister.

During the meeting, Dr. Heriberto Cortes, the President of Seccion Internacional Para Africa, spoke on behalf of the investors. He expressed gratitude to the Minister for the fruitful discussions and conveyed their collective view of Nigeria as their African home. Cortes reiterated their commitment to supporting Nigeria’s economic expansion, emphasizing that the meeting with the Minister had provided assurance that their investments would be secure and profitable in the country.

In conclusion, the visit by Mexican investors to Nigeria signifies a positive step towards fostering international partnerships in the solid minerals sector. The commendation from the Minister and the involvement of the Nigerian Embassy in verifying the investors’ credibility underscore the commitment to attracting foreign investments and promoting economic growth in the country. InfoStride News is dedicated to providing comprehensive coverage of such significant developments in Nigeria’s economic landscape.