Government grants 5-year tax holiday for miners, waiver on mining equipment

Isola Moses | ConsumerConnect

As the five-day 5th Nigeria Mining Week kicked off Monday, October 12 virtually, the Federal Government has said it guarantees five years’ tax holiday for miners who operate in the country’s mining sector, and waiver on imported mining equipment.

Arc. Olamilekan Adegbite, Honourable Minister for Mines and Steel Development, who stated this Monday, October 12, 2020, disclosed that the event would showcase Nigeria’s mining potential to the world.

The conference and exhibition is organised by Miners Association Nigeria (MAN), but hosted by the Federal Ministry of Mines and Steel Development in association with Clarion Events and PwC.

The 2020 edition is holding digitally because as the global mining industry evolves under the COVID 19 pandemic, there is a need to rethink the traditional models under which it has been operating and to adapt to a new way of doing business.

The Minister, who noted that the event would present Nigeria’s mining potential to investors in the international community, said people are already showing interest, as they have classified Nigeria as a mining country.

Adegbite stated: “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.

Some of Nigeria’s Natural Resources Ready for Mining  Photo: RadioNigeria  

“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.”

The government has provided various incentives for both local and foreign investors who will invest in the sector.

Kabir Kankara, National President of Miners Association of Nigeria, also assured that the 5th edition would support the development of local miners along the various value chain including the mechanisation of the industry.

According to Kankara, it will bring dialogue between the private and public sectors in order to boost the value chain and future of mining and miners in Nigeria through collaboration and partnerships.

The Nigeria Mining week is said to have 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.