Saturday, November 27, 2021

Nigeria Mining Week: FG Set To Woo Investors

MMSD NMW
L-R: The permanent secretary, Ministry of Mines and Steel Development (MMSD), Dr. Oluwatoyin Akinlade, the MMSD minister, Arc. Olamilekan Adegbite, and the MMSD minister of state, Dr. Uchechukwu Ogah during the press briefing in Abuja.

As Nigeria prepares to host the fifth edition of the 2021 edition of the Nigeria Mining Week, the Federal Government has revealed its intention to woo potential investors in the sector to boost its contribution to Nigeria’s gross domestic product (GDP).

Addressing journalists yesterday in Abuja, the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, said the hybrid meeting, which would be partly virtual and physical, with the theme “Seven reasons to invest in [the] Nigeria Mining Sector” billed to hold in Abuja between November 16 and 17, 2021, would present yet another viable platform for government to sensitise potential investors on viable potentials and benefits in the sector.

“Government has provided investors with incentives, which include 100 per cent business ownership, low royalty payment, duty-free equipment importation and others. We have tax laws that lets you enjoy three years’ tax holiday, which is extendable to five years.

“We will allow genuine investors to import their equipment duty-free, allow 100 per cent ownership of businesses – whether you are local or foreign – which does not exist in other countries, our royalty is the lowest because we charge as low as three per cent. Mining in Nigeria is cheaper,” he said.

Adegbite revealed that the meeting which would be declared open by Vice President Yemi Osinbajo would also have in attendance governors of mining states, ministers, permanent secretaries, head of departments and agencies, investors, technical experts and others.  He also said the United Kingdom Government has revealed its intention to actively participate in the meeting.

The minister further said the forum would present an avenue to showcase government’s achievement in the sector, as well as foster interaction aimed at sensitizing potential investors about putting the country on the global mining map.

In his remarks, the president, Miners’ Association of Nigeria (MAN), Alhaji Kabiru Kankara, posited that the annual event helps in raising global awareness of the huge potentiality of the nation’s mineral endowments, to attract local and foreign investments for wealth creation.

According to him, this year’s event will also provide a platform for conversations around policy formulation and reviews through stakeholders’ engagements, adding that the forum will engender linkages that will boost individual, corporate and national economies.

Earlier, the event consultants, PriceWaterhouse Coopers (PwC) Nigeria, represented by its director and head, mining industry business development, Habeeb Jaiyeola, series of successes have been recorded in the sector as a result of other editions and the impacts have been visible, citing the barite industry, gold production, interest of investors in the mining sector and others as examples. Jaiyeola said the talking points of the event will centre around beneficiation – which has been a challenge in the sector – and other critical issues.

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