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.”
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