FG Guarantees Investors Full Ownership In Nigerian Mining Sector
Investors in the Nigerian mining sector have been offered 100 percent ownership of their assets. This is according to the Minister of Mines and Steel Development, Mr. Olamilekan Adegbite.
The minister made the revelation while briefing journalists on the 6th edition of the Nigeria Mining Week.
According to NAN, Adegbite stated that Nigeria is still new to mining and that the government must encourage mining investors to invest in Nigeria so that the country’s greenfield resources may be fully utilized.
“Some global mining investors are unaware that Nigeria is a mining country; we want them to come and invest in Nigerian mining because our incentives are competitive with those offered by other mining countries,” he said.
“In comparison to other mining nations, our royalty is the lowest; we charge 3.5 percent, whereas other mining nations charge 17 to 20 percent, depending on the material extracted.”
The holder of a mineral title is assured free transferability of cash via CBN, and serious investors are given three years of tax breaks, among other benefits.
The minister further stated that this year’s mining week, which would be a virtual event, would bring together mining investors, governors, and certain ministers, and that the Vice President, Prof. Yemi Osinbajo, will proclaim the event open.
What you need to know
The Federal Government has stated that the solid mineral sector will help enhance industrialization and aid national growth by diversifying the country’s economy and providing more jobs.
The government has recently taken steps to reposition the sector through new policies and the application of science and technology to solid mineral extraction.
The upcoming event is expected to raise global awareness of the vast potential of the country’s mineral endowments, attract local and foreign investment to convert the endowments into national wealth, as well as provide a forum for conversations about policy formulation and reviews through engagements and interactions with stakeholders.
