Mining and trading house Glencore 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.
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."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.A U.S. Federal Reserve meeting and Apple and Amazon reporting results will keep investors' focus in the days ahead on the global rates outlook and on tech earnings, while growth and inflation data from Europe and China are also coming out.
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