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.
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
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.