FG offers 100% ownership investments to mining investors | Dailytrust

FG offers 100% ownership investments to mining investors

The Minister of Mines and Steel Development, Mr Olamilekan Adegbite
The Minister of Mines and Steel Development, Mr Olamilekan Adegbite

The Minister of Mines and Steel Development (MMSD), Arch Olamilekan Adegbite, said Nigeria has offered 100 per cent ownership on mining investments to attract local and foreign investors in the sector.

The minister, who disclosed this while briefing journalists on the forthcoming 6th edition of the Nigeria Mining Week in Abuja, said the offer will also encourage more investors into the value chain of the mining sector.

“Some foreign mining investors are not aware that Nigeria is a mining nation; we want them to come and invest in Nigerian mining as our incentives are good compared to other mining nations,” he said.

Adegbite said, to encourage the investors more, Nigerian royalty is the lowest compared to other mining nations.

“We charge 3.5 per cent, while other mining nations charge 17 to 20 per cent depending on the mineral mined,” he said.

Adegbite said the 2021 Mining Week, which is scheduled to hold from November 16 to November 17, would be a virtual event with a theme: “Seven reasons to invest in Nigerian Mining”.

He said mining stakeholders that include local and foreign investors, governors, ministers and experts would be present and the week would be declared open by the Vice President, Prof. Yemi Osinbajo.

Earlier, the President, Miners Association of Nigeria (MAN), Alhaji Kabiru Kankara, said the mining week would provide a platform for conversations toward policy formulation and reviews through stakeholders’ engagements and interactions.

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