Nigeria Offers Three-Year Tax Holiday And Foreign Ownership To Mining Investors

tax holiday

As part of Nigeria’s plan to increase investment into the mining sector, the federal government of Nigeria has unveiled a three-year tax holiday benefits for mining companies who are interested into the sector.

It would be recalled that NIgeria’s ming and solid minerals minister, Kayode Fayemi had hinted that Nigeria would require about USD7 billion to develop the mining sector.

At the moment, Nigeria does not have a proper mining industry that could sustain itself.

At a meeting with mining investors and stakeholders in Perth Australia, Kayode Fayemi said the holiday will start counting from the day the investor starts its first mining operations in Nigeria.

Investors will  also have access to other benefits which will include 100% foreign ownership of mining projects, exemption of import duties on mining equipment, according to the statement. Government will also be providing security for investors.

It would be recalled that Hugh morgan and a group of Australian mining moguls have discovered a large deposit of nickel in Kaduna state, North West of Nigeria. The need to bring foreign investors into the mining sector is expedient as Nigeria has not been able to run government-owned mining factories properly.

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