By Gift Eguavoen
The Federal Government has outlined strategies towards unlocking the rich potentials of the solid minerals and mining sector with a view to making it competitive and attractive to investors.
Speaking on the theme: “Government’s Vision on Investors’ Incentives for the Mining Sector: Approach and Implementation, at the 8th edition of the annual Nigeria Mining Week in Abuja, the Permanent Secretary in the Ministry of Solid Minerals Development, Dr. Mary Ogbe, restated government’s commitment to fostering an environment that would attract both local and foreign investors to the mining sector through incentives.
She said in recognition of the crucial roles incentives play in encouraging investment, government’s vision is intentionally predicated on some key principles which includes transparency and accountability as well as investor friendly regulations.
She explained that several measures have been put in place to foster effective and transparent mining title administration with the launch of the electronic Mining Cadastre Plus (e-MC+) last year by which titles can be applied for digitally.
Also, she stated that regulations aimed at streamlining the mining process, reducing bureaucratic bottlenecks, and encouraging responsible mining practices have been put in place to make the environment investment friendly.
While stating that the ministry is currently reviewing and updating the 2007 Mineral and Mining Act to align with current realities and international best practices, she said other strategies being put in place include policy stability, infrastructure development, and market access, as manifested in the various trade agreements already signed.
She listed others to include capacity building, community engagement, investor partnership, tax holidays, free transferability of funds, capital allowance of up to 95 percent of qualifying capital expenditure, 100 percent ownership of mineral properties, among others.
Juliet Ukanwosu speaking during the 2023 Nigeria Mining Week in Abuja
Earlier, speaking on the theme, Market Analysis: Exploring Business Opportunities in an Emerging Mining Sector, the Editor, Extractive360, Juliet Ukanwosu, stressed the need for government to focus more on the transition minerals following the global conversation on energy transition, resulting to increased demand for transition minerals.
According to her, “This is where the conversation is heading, other countries are already taking the lead and Nigeria cannot afford to lose out on its fair share of the earnings from this sector.”
She spoke extensively on the sector’s resourcefulness and the urgent need to make the sector more attractive to investors in order for it to contribute maximally to the economic growth of Nigeria.
Extractive360 reports that the Nigeria Mining Week is an annual event. The 2023 edition, the 8th in the series, is co-hosted by the VUKA Group, PricewaterhouseCoopers (PwC), the Miners Association of Nigeria and the Ministry of Solid Minerals Development. The event had over 2,000 professionals, experts, exhibitors, among other critical stakeholders from within and outside Nigeria.