(4 minutes read)
- Nigeria is offering would-be investors a generous three-year tax holiday coupled with other incentives in a bid to turn around its mining industry
- This has been spelt out by Minister of Mines and Steel Development, Olamilekan Adegbite. He called on foreign investors to invest in the country’s mining sector to benefit 100 per cent ownership of their investments.
- The minister said that some foreign mining investors are not aware that Nigeria has been a mining nation
Nigeria is offering would-be investors a generous three-year tax holiday coupled with other incentives in a bid to turn around its mining industry. This has been spelt out by Minister of Mines and Steel Development, Olamilekan Adegbite. He called on foreign investors to invest in the country’s mining sector to benefit 100 per cent ownership of their investments.
The minister said that some foreign mining investors are not aware that Nigeria has been a mining nation. The west African country is extending these incentives to attract the investors to invest in Nigerian mining. The incentives extended by the country are attractive compared to other mining nations, the minister said while interacting with the media.
The minister further explained that the royalty to be paid to the country is the lowest compared to other mining nations. Nigeria charges 3.5 per cent, while other mining nations charge 17 to 20 per cent depending on the mineral mined. The 2021 Mining Week will be held from November 16 to November 17, with the theme: “Seven reasons to invest in Nigerian Mining”.
The Nigerian government allows local and foreign mining investors to have 100 per cent ownership of minerals mined. The minister conceded that Nigeria is still fresh in mining and is trying to encourage mining investors to invest in the country to enjoy maximum benefit of the country’s green field resources.
Other incentives include guaranteed free transfer of funds through the Central Bank of Nigeria and a three-year tax holiday. This year’s mining week will be held in a virtual platform and will bring together mining investors, governors and ministers holding important economic portfolios
