Fayemi Woos Foreign Investors With 3-year Tax Holiday, Others

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The minister of mines and steel development, Dr Kayode Fayemi,  has offered prospective investors in the Nigerian mining sector three years’ tax holidays, as part of  incentives to serious investors.

The tax holiday, according to the minister, would commence from the date the investor commenced mining operations in the country.

Speaking at the opening session of the recently concluded Africa Down Under Conference in Australia, Fayemi said “the country was 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.”

The minister listed other incentives approved by the government for investors in the mineral and mining sector to include exemption from customs and import duties on mining equipment.

Other incentive available to the foreign investors include  sole ownership of  companies  by such investors.

Fayemi also identified security as another major area the government was investing in, in order to ensure security of investments.

“Our government has a renewed commitment to the improvement of security across mine site, logistic related security and general terrorism,” he said.

The minister who presented graphical details of  incentives obtainable in several other major mining countries, including Australia, USA, South Africa and Chile, told the audience, which comprised investors, operators and other allied professionals that Nigeria was offering more generous incentives, including favourable tax regime and royalties.

He said Nigeria was 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 was to contribute to job creation.We are focusing on rebuilding our minerals and mining sector in three phases: Phase 1, in the immediate term, we are achieving import substitution by winning over domestic users of industrial minerals.

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