Business
Mining: Minister Assures Investors Of Conducive Environment
The Minister of Mines and Steel Development, Mr Musa Sada, has assured prospective investors of Federal Government’s readiness to assist them in conducting their businesses without hindrance.
This was contained in a statement issued in Abuja on Thursday by Mr Marshal Gundu, the Chief Press Secretary in the ministry and made available to newsmen
The statement said Sada gave the assurance when prospective investors visited Nigeria’s stand at the ongoing Mining Conference in Cape Town, South Africa.
It quoted the minister as saying that the new legislation on investment, particularly in the mining sector had opened a wider opportunity for investment protection.
It said with the protection, investors would be able to enjoy some uncommon benefits.
“Such benefits include tax exemptions for a given period as provided for in the Nigerian Minerals and Mining Act 2007,’’ the statement said.
It said the minister also said that the Federal Government would set up a Sustainable Development Fund to further develop the mining sector.
The statement added that the fund, which would be a joint project between the government and commercial banks, would enable the banks to lend to potential investors for longer period of time.
“What government is trying to do is to create a kind of Development Fund for the mining sector, whereby government will put its own money and ask the banks also to contribute.
“Because of the long gestation of mining activities, the fund will allow banks to solve some questions, which will allow lending for longer period of time for the miners to be able to start generating revenue,’’ it said.
The statement quoted the minister as saying that apart from the fund, government had embarked on massive development of infrastructure to attract foreign investors to the sector.
It listed ongoing work in this regard to include dredging of the River Niger to allow large vessels to transport minerals from the mines to the coasts; expansion and rehabilitation of rail transportation as well as deregulation of the power sector.
The conference, which theme is “Investing in African Mining’’ is an annual event dedicated to the capitalisation and development of mining interests in Africa.
The four-day conference, which began on Feb. 7 ended on Thursday.