The Nigerian government has increased the royalties and various fees and levies paid by those operating in the country’s minerals and mining industry.
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The minister of solid minerals development, Dr Oladedele Alake, who revealed this during a media briefing in Abuja on Thursday, said the old rates were obsolete, and not reflective of the enormous technological and infrastructural investments the country has made in recent years to make operations in the industry easier and more profitable for operators.
He, however, said the increment was not arbitrary but that all stakeholders were carried along in the process, adding that the rate hike ranged from 50 per cent to 100 per cent of the previous fees.
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