Nigeria plans 5-year tax holiday, waiver for investors in mining sector
Nigeria plans a five year tax holiday and waiver on importations of mining equipments for operators in the nation’s mining industry, the minister of mines and steel development has said.
Olamilekan Adegbite, who disclosed this while briefing the media on the Nigerian mining week, said government also allow 100 percent ownership of mining business in the country.
“We have three to five years tax holiday for miners in Nigeria, duty and waiver on mining equipment imported into the country and government allows 100 per cent ownership for foreign investors,” Adegbite said.
He said the government has provided various incentives for both local and foreign investors who will invest in the sector.
Adegbite the mining week is a platform for the country to showcase its mining potential to the world, which also will present the nation’s mining potentials to investors across the world.
According to him, more people are already showing interest in investing in the sector because Nigeria is now being classified as a mining country.
The Nigeria Mining week has established itself over the past five years as the preferred mining showcase for technology providers where business happens.
It is the one annual B2B gathering for the entire mining value chain in Nigeria where the hot issues get tackled and has become a key driver for the industry to leap forward.
The annual gathering aims at providing support for the development of the local workforce and the mechanisation of the industry and at facilitating the dialogue between private and public sectors across the value chain, to boost the future of mining in Nigeria through collaboration and partnerships.
“The 5th Nigeria Mining Week is slated for 12th to 16th October, and this event will showcase Nigeria’s mining potential to the world.
“With the results we are getting, we have been able to go on roadshows, present our potentials to the world of mining.
People are beginning to show interest and classify Nigeria as a mining country.
“During this Mining Week, we are going to showcase what we have to the rest of the world and people who are interested will explore. This year, we are going to have over 2000 participants from all over the world join us online.
“We have three to five years tax holiday for miners in Nigeria, duty and waiver on mining equipment imported into the country and government allows 100 per cent ownership for foreign investors.”
In September, the minister said Nigeria intended to have 50 mines in operation by 2023 and can make up for time lost because of the impact of COVID-19 on the development of the nascent sector.