NEWS

FG Set To Grant Tax Waivers On Imported Mining Equipment, Others

The Minister of Solid Minerals Development, Dele Alake, suggested that the Federal Government intends to offer tax exemptions for imported mining equipment. During discussions with Saudi Arabia’s Minister of Mines, Bandar AlKhorayef, at the Future Minerals Forum in Riyadh, he emphasized the plan to incentivize investment in Nigeria’s mining sector by ensuring tax waivers and facilitating full profit repatriation for investors.

Despite the commitment to imposing strict regulations and a ban on illegal mining, particularly in the North East states of Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe, there persists a challenge of illegal mining activities. These operations, often involving underage individuals, revolve around pilfering valuable minerals such as gold, sapphire, diamond, copper, lithium, aluminum, and iron.

Addressing these issues, experts advocate for stringent regulations to uphold compliance with Nigeria’s mining policy, emphasizing the importance of local consent provisions to curb these unlawful and insecure practices.

The statement partly read, “On incentives for investment, President Bola Tinubu has initiated policies on repatriation of profits by foreign investors, tax waivers on imported equipment specifically directed at the mining sector and a rejigged security architecture which he hinted will soon come on stream to effectively secure mining areas in the country.”

Furthermore, Dr. Alake emphasized the importance of establishing partnerships and highlighted that the global energy transition heavily relies on essential minerals, which he asserted are abundant in Nigeria.

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