FG approves tax holiday, importation waiver for miners

The federal government (FG) says miners operating in the country would qualify for a three to five-year tax holiday and waiver for imported mining equipment.

Olamilekan Adegbite, minister of mines and steel development, disclosed this while speaking to journalists in Abuja, ahead of the 5th annual Nigerian mining week to hold from October 12-16.

Adegbite (pictured) 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 roadshows, present our potentials to the world of mining. People are beginning to show interest and classify Nigeria as a mining country, ” he said.

“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 percent ownership for foreign investors.”

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, a significant increase from its current contribution of less than 1%.

Kabir Kankara, national president of Miners Association of Nigeria(MAN) said the event would boost collaboration between local miners, suppliers, mining operators, and other relevant stakeholders.

“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, ” he said.

“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 be to uncover the latest projects, meet new partners, and land new deals.”