Minister of Solid Minerals Development, Dr. Dele Alake, on Friday, announced that Nigeria is set to produce 1.6 million tonnes of Lithium annually, which is estimated to employ at least 1,200 Nigerians.

The Minister affirmed Nigeria’s readiness to welcome international investors into the mining sector, citing reforms and ongoing efforts to sanitize the sector.

Alake disclosed this in Abuja, while hosting the Group CEO of Swiss-based Glencore, one of the world’s largest natural resource companies, Mr. Gary Nagle. He noted that the Lithium project is in line with the value addition policy of the Federal Government.

He said that Nigeria has critical minerals that are commercially viable globally, and providing efficient governance structure and sanitizing the operating environment of the mining sector remains a priority of the President Bola Tinubu administration.

He said: “The Lithium factory will produce 1.6m tonnes of processed lithium annually and is estimated to employ at least 1,200 Nigerians. 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.

“We are securing the mining environment through a new security outfit, mining marshals, and providing wide-ranging incentives for investments as well as establishing an efficient governance structure for the mining sector.”

He urged Glencore to take advantage of Nigeria’s favorable investment climate and vast mineral resources in the country, and stressed that the Federal Government is committed to attracting international big players that will fast-track development of the mining sector, like the oil industry.

He added, “We are offering tax waivers on imported equipment; policy of full repatriation of profits to home countries; removing bottlenecks to ease of doing business. The ministry is also ready to address any concerns that Glencore might have to facilitate smooth operations in Nigeria.”

In his remarks, Mr. Nagle applauded reforms in the mining sector and the economy, urging the government to put in place mechanisms to address policy flip-flops and ensure stability in the nation’s business climate.

Nagle said: “We are ready to invest provided the government ensures stability in the business climate and creates an enabling environment. We are excited by what you are doing so far, so apart from oil and gas, we are looking at opportunities to invest in the mining sector with emphasis on nickel, cobalt, zinc amongst others.”

Dr. Alake promised the support of the federal government for the Lithium project, stressing that promoting diversification of the economy through development of the mining sector is a major plank of the Renewed Hope agenda of the present administration.