Minister of Mines and Steel Development Arc Olamilekan Adegbite has called on local mining and international investors to attend the forthcoming Nigeria Mining Week.
The annual event according to Adegbite “will be a window for local and foreign investors to be able to appraise what we have, what we have done, our successes and aspirations,” as a mining destination.
He noted that an investor does not have to be a miner before investing in the sector.
“There is capital in Nigeria, but a lot of Nigerian investors or people who have the capital are not aware of the benefits of investing in mining locally. We are appealing to them to take this opportunity.
“It’s not just the mining itself, but you can participate in the process like beneficiation and adding value to what is mined; so you never have to be a miner yourself before you invest in the sector,” he said.
“We have tax laws that allow three year tax free, which is extendable to five years. We allow genuine investors to import their equipment for free without duty. We allow 100% ownership of investments in Nigeria. This doesn’t occur in some other climes. Some government will take 20% without even contributing a kobo, that’s their rule if you want to come and mine in their jurisdiction; government must own 20% of whatever you bring in without actually contributing any capital. But, Nigeria is not so. Nigeria allows you to own your business 100% whether you are local or you are foreigner, so long as you pay your royalty and still our royalty is the lowest ever anywhere in the world. We charge three to five percent maximum. Some jurisdiction charge 17%. Some charge 20% of what you realise. So these are some of the attractions we will be giving,” to encourage investors into the Nigeria mining sector.
President Miners Association of Nigeria Alh Kabira Mohammed Kankara expressed hope that the 5th Annual Nigeria Mining Week holding between 16th and 17th of November, will engender linkages that will boost individual, corporate and national economy.
He commended the media for their role in raising awareness and sharing the deliverables of the past editions of the event to the public.
