Minister woos investors at 5th Nigeria mining week, outlines incentives
Story from Abah ADAH, Abuja
Nigeria’s Minister of Mines and Steel Development Arc. Olamilekan Adegbite has appealed to local and international investors to take advantage of the lucrative investment opportunities in the country’s mining sector and invest in the industry amidst the conducive environment being created by the federal government.
The Minister made the appeal while delivering his keynote address at this year’s (5th) Nigeria Mining Week titled: Seven Compelling Reasons to Invest in Nigeria’s Mining Sector which is being held virtually from 16th to 17th November 2021 after it was declared open by the Vice President of Nigeria, Prof. Yemi Osinbajo on Tuesday.
He said in line with President Muhammadu Buhari’s resolve to diversify the economy away from oil, “we have indeed created a very business-friendly environment in the mining sector through reforms that grew out of the roadmap for the growth and development of the Nigerian mining industry.
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“To this end, the ministry has continued to work hard to increase the revenue generated from the sector and its contribution to the national GDP. The sector is also being primed to be a huge job creator, broadening the spectrum of economic opportunities available to Nigerians through the pursuit of strategic policies.
“We have also institutionalised business-friendly incentives to further make the Nigerian mining sector more attractive to foreign investors,” he said.
The incentives, according to the Minister, include customs and import duties waiver for plant, machinery and equipment imported for mining operations; tax holidays of between three to five years as applicable; free transferability of funds and permission to retain and use earned foreign exchange; capital allowances of up to 95% of qualifying capital expenditure; deductibility of environmental costs (money meant for environmental remediation will be tax-free); and 100% ownership of mineral properties by investors.
“I, therefore, wish to urge those who are still dithering about investing in the Nigerian mining sector to take the leap. Our country still provides one of the highest rates of return on mining investment as our minerals are closer to the surface, conferring the advantage of lower cost of production when compared to other mining jurisdictions,” he said.
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