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To boost job creation, federal ministry offers foreign investors 3-year tax holiday

Usman Alabi

by Adim Esohe

As part of  incentives to serious investors, Minister of Mines and Steel Development, Dr Kayode Fayemi,  has offered prospective investors in the Nigerian mining sector three years’ tax holiday. This incentive would commence from the date such investor resumes mining operations in the country.

The Minister stated this while speaking at the opening session of the recently concluded Africa Down Under Conference in Australia.

Fayemi said “the country is determined to return stronger to the global ore and mineral market and would drive the growth and development of the sector through the private sector.”

Other incentives approved by the federal government for investors in the mineral and mining sector include exemption from customs and import duties on mining equipment, sole ownership of companies  by such investors, favourable tax regime and royalties. While showing graphical images detailing incentives applicable in other countries including Australia, USA, South Africa and Chile, he made it known that the incentives being offered by the Nigerian government are more generous.
The minister also identified security as another major area the government is investing in so as to ensure security of investments and investors.
In his words, “Our government has a renewed commitment to the improvement of security across mine site, logistic related security and general terrorism,” he said.

He reiterated that Nigeria is determined to build a world-class minerals and mining ecosystem designed to serve a targeted domestic and export market for minerals and metals, adding that part of the vision of the ministry is to contribute to job creation.

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