BEVERLY HILLS, October 14, (THEWILL) – The Federal Government has approved a three to five-year tax holiday and waiver for imported mining equipment for miners operating in the country
Minister of Mines and Steel Development, Olamilekan Adegbite made this known at the ongoing ‘5th Annual Nigerian Mining Week’ in Abuja.
Adegbite said the purpose of the virtual event is to showcase the mining potential of the country to a global audience.
“With the results we are getting, we have been able to go on road shows, present our potentials to the world. People are beginning to show interest and classify Nigeria as a mining country”, he said.
“We have a three to five years tax holiday for miners in Nigeria, duty and waiver on mining equipment imported into the country and the government allows 100 percent ownership for foreign investors”, the Minister disclosed.
Adegbite added that the ministry has a target of increasing the mining sector’s contribution to the nation’s gross domestic product (GDP) by 5% in 2025.
National president of Miners Association of Nigeria (MAN), Kabir Kankara said the event would boost collaboration between local miners, suppliers, mining operators, and other relevant stakeholders.
ALSO READ: FG Declares Support For Small Scale Miners
“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 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 uncover the latest projects, meet new partners, and land new deals”, he said.
About the Author
