Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business

FG liberalizes the Mining sector, grants 5 years tax concession to miners

In efforts to liberalise the sector, the Federal Government has granted five years tax holiday for miners.

Published

on

FG liberalize mining sector, grants 5 years tax concession to miners and other perks

The Federal Government of Nigeria has intensified efforts in liberalizing the mining sector, by granting five years tax holiday for miners who operate in the nation’s mining sector and waivers on imported mining equipment amongst other perks.

This was disclosed by the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, and reported by Vanguard Newspapers.

Mr. Adegbite said, “We have three to five years tax holiday for miners in Nigeria. Also, duty and waiver on mining equipment imported into the country and government allows 100% ownership for foreign investors.”

The Nigeria Mining Week is an annual Business-to-Business event where key stakeholders in the mining sector are expected to converge to discuss and tackle key issues. Over the years it has been an enabler for the mining sector in Nigeria to leap forward.

Due to the pandemic, this year’s event will be virtual and the conference and exhibition are organized by Miners Association Nigeria (MAN), in conjunction with the Ministry of Mines and Steel Development, Clarion Events, and PwC.

Being a resource endowed country, the event is expected to avail an opportunity for the country’s potential to be exhibited to the rest of the world, enabling potential investors to have first-hand information about investment opportunities in the mining sector.

(READ MORE:Crude oil prices rally higher as OPEC+ ramps up effort to curb oversupply)

Backstory

Hotflex
Sigma Pensions

Recall that Nairametrics had earlier reported sustained efforts on the part of the Ministry of Mining to shore up revenue and contribute to the GDP by 3.0% by 2025.

What they are saying

Commenting on the impact of the conference on the development of the mining sector in Nigeria, the National President of Miners Association of Nigeria, Kabir Kankara said, “The annual gathering aims at providing support for the development of the local workforce and the mechanization of the industry, and at facilitating the dialogue between the private and public sectors across the value chain, to boost the future of mining in Nigeria through collaboration and partnerships.

“With a network of industry leaders, investors, visionaries, and pioneers transforming the face of mining in the country, Nigeria Mining Week is the place to be, to uncover the latest projects, meet new partners, and land new deals.”

Why this matters

Stanbic 728 x 90

The recent efforts are in line with the drive of economic diversification as encapsulated in the Economic Recovery Growth Plan (ERGP). It is capable of increasing the revenue from the sector, creating more jobs, and reducing the over-reliance on oil.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Burial date for late Prince Philips announced

The Duke of Edinburgh will be laid to rest on Saturday, April 17, 2021, in a colourful but lowkey ceremony.

Published

on

Prince Philip, the late husband of Britain’s Queen Elizabeth, and the Duke of Edinburgh will be laid to rest on Saturday, April 17, 2021, in a colourful but lowkey ceremony by royal standards.

The Buckingham palace in making the announcement stressed that the funeral service will be held according to the Covid-19 restrictions guideline with the number of mourners to be limited to 30. This means that members of the royal family including the Queen would be expected to put on face masks.

The College of Arms, which handles most of the ceremonial aspects of the royal family’s work, had earlier confirmed that the late Prince Philip would not lie in state anywhere accessible to the public, which could have seen thousands of people lining up to view his coffin.

The funeral service for Philip, who died aged 99 on Friday, will be held at St George’s Chapel in Windsor Castle, and a national minute’s silence would be observed ahead of the ceremony. There will be no public access nor public procession beforehand with the royal family and UK government asking the public not to gather or leave flowers at the royal residences due to Covid-19 restrictions.

A Buckingham Palace spokesman also confirmed that Prince Harry, the Duke of Sussex, who had moved to Los Angeles after giving up royal duties, was planning to attend his grandfather’s funeral, but his pregnant wife Meghan won’t be present as she had been advised not to travel by her physician.

In case you missed it

  • It can be recalled that the death of Prince Philip, the husband of Queen Elizabeth II and the longest-serving consort of any British monarch before retiring from his public duties in 2017, was announced on Friday, April 9, 2021.
  • He died peacefully in Windsor Castle on Friday morning and had been married to the Queen for 73 years.
  • Since his death, tributes have been flooding in from the UK and all around the world for the duke, who had recently spent a month in two London hospitals, undergoing heart surgery and treatment for an infection, before returning in mid-March to Windsor Castle.

Continue Reading

Business

Lagos eases restrictions on social, event centres, sets new occupancy limit

The state government has pegged the occupancy limit for event centres in Lagos to 500 people while social events can now have 200 people at a time.

Published

on

The Lagos state government has further eased restrictions on social and event centres in the state. This follows due consultations and deliberations between the Lagos State Governor, Babajide Sanow-Olu, and relevant stakeholders and MDAs.

The state government has pegged the occupancy limit for event centres in Lagos to 500 people while social events can now have 200 people at a time.

This disclosure is contained in a statement by the Lagos State Commissioner for Tourism, Arts and Culture, Uzamat Yusuff, and the Director-General of the Lagos State Safety Commission, Mr Lanre Mojola, on Friday, April 9, 2021.

The statement noted that safety marshals will be deployed to any social event with over 200 people and event centre exceeding the 500 limits.

The statement partly reads, “All event centres must hold a valid license of The Lagos State Ministry of Tourism, Arts and Culture prior to operating as an event centre in the State.

“All event centres must be duly registered and verified on The Lagos State Safety Commission website www.lasgsafetyreg.com prior to holding any event.

An Event Safety Clearance must be obtained from the Lagos State Safety Commission through the website www.lasgsafetyreg.com for any proposed event or exhibition.

Safety Marshals shall be deployed by an accredited event safety consultant from Lagos State Safety Commission for every social event with attendance exceeding over 200 people.

Sigma Pensions

Occupancy limit at any event must not exceed 50% of the maximum design capacity of the hall, wherein Occupancy Limit stickers provided by the Lagos State Safety Commission must be boldly posted at the entrance of the event hall.

Maximum allowable capacity for event centres irrespective of the occupancy limit is 500 people. Deep cleaning must be carried out before and after every event. Physical distancing shall be maintained between seated guests and a maximum number of seated guests should be 6 (six) people on a table of 10 persons.

Event duration should not exceed a maximum period of 6-hours. All guests and service providers at the facility must wear a nose mask and make use of hand sanitisers All guests and service providers must endeavour to wash their hands before entering the venue or in the alternative use hand sanitisers. Temperature checks must be taken at all entry points into a facility.

Guests and service providers with temperature (above 37.5) are to be politely turned back and referred to paramedics or the emergency response team on the ground. Hand sanitizers must be positioned at the entry points and different spots within the hall.

All event centres must endeavour to display standard COVID-19 safety signs. The signs must be bold and installed at conspicuous locations. Event centre owners/ planners/vendors would be responsible for any breach of protocols by their staff.

Stanbic 728 x 90

In case you missed it

  • It can be recalled that in July 2020, the Lagos State Government had issued fresh guidelines on the reopening of event and social centres following their shutdown as part of measures to contain the spread of the coronavirus pandemic.
  • The state government insisted that the owners of such facilities must register with the government pending further directives.

 

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.