Minister of Mines and Steel Development Dr Kayode Fayemi yesterday offered prospective investors in the mining sector three years tax holidays, as part of Federal Government’s incentives to serious investors.
The tax holiday, according to the minister, would commence from the date the investor starts mining operations in the country.
Speaking at the opening session of the on going Africa Down Under Conference in Perth, Australia, Dr 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 Federal Government for investors in the mineral and mining sector to include exemption from custom and import duties on mining equipment.
Other incentive available to the foreign investors is that companies could be wholly owned by such investors.
Fayemi also identified security as another major area the government was investing in, in order to ensure security of investment as well as life and properties.
“Our government has a renewed commitment to the improvement of security across mine site, logistic related security and general terrorism.”
The minister said: “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.
“Phase 2, our focus is on further expanding our domestic ore and mineral asset processing capacity. Phase 3, we will return stronger to the global ore and minerals markets at a market competitive price point.”