Solid Minerals: FG Dangles Tax Incentives To Mexican Investors

Minister of solid minerals development, Dr Oladele Alake, has told visiting investors from the Republic of Mexico that the Nigerian government had put in place incentives to motivate investors in the industry.

The minister, who made this comment while welcoming the Mexican delegation to his office recently, praised them for seeking to invest in Nigeria’s solid minerals sector.

In a statement by Segun Tomori, special assistant to the minister on media, Dr Alake said some of the incentives by the President Bola Tinubu administration include zero duty on equipment imported for solid minerals extraction, easy movement of profits to the countries of origin and tax holidays.

The minister told the delegation that investors in the mining industry are expected to sign Community Development Agreement (CDAs) with the communities in the mining area to ensure the socio-economic development of the region where they carry out their mining activities.

According to him, the Tinubu administration is currently sanitising the industry, citing the recent revocation of titles of firms which failed to comply with the law on annual service fees.

Introducing the investors, Nigeria’s outgoing Ambassador to Mexico and former Speaker of the Osun State House of Assembly, Hon. Adejare Bello, assured the minister that the embassy had screened the investors and confirmed that they are genuine and serious businessmen whose investment will boost the economy.

Ambassador Bello said the Nigerian Embassy had been engaging the investors in talks for over two years and decided to lead them to the minister after it certified their status.

“The honourable minister is aware that ambassadors have been recalled. This visit is the reason why I stayed back so that I can bring them to you. Now that I have achieved my mission, I will go back, pack my luggage and return home,’ the ambassador said.

The president,  Seccion Internacional Para África, Dr. Heriberto Garcia Cortes, who spoke for the delegation.  said they consider Nigeria their African home that deserves all the support in the quest to expand the economy.

He further stated the meeting with the minister had helped give them the assurance that their investment will be safe and profitable in Nigeria.