The Nigerian government, through the Minister of Solid Minerals Development, Dele Alake, has disclosed plans to grant tax waivers on imported equipment intended for use in the mining sector.
The announcement, made during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar AlKhorayef, at the Future Minerals Forum in Riyadh, aims to attract investments into Nigeria’s mining industry.
The government emphasizes incentives such as tax waivers and the repatriation of profits to encourage foreign investors. This initiative comes amid challenges of illegal mining in some regions despite regulatory measures.
Continuing, Dr. Alake highlighted the importance of partnerships to explore and exploit Nigeria’s abundant critical minerals, emphasizing the need for investments in exploration, extraction, and local value addition. The minister expressed willingness to collaborate with Saudi Arabia, emphasizing the historical positive relations between the two nations. The Saudi Arabian counterpart, Mr. AlKhorayef, echoed the commitment to diversify the economy with a focus on the mining sector and expressed interest in collaboration with Nigeria on local value addition. Both countries agreed to establish a joint technical committee to facilitate collaboration in the mining sector.
The move signifies Nigeria’s commitment to boost the mining sector, attract investments, and address challenges through strategic partnerships and incentives for investors.
