The Federal Government has again assured that it will sustain the various incentives contained in the Minerals and Mining Act of 2007 in its pursuit for sizeable investment in the sold minerals sub-sector of the economy. Diezani Allison-Madueke, Minister of Mines and Steel Development, who gave the assurance in Abuja said as a first step, investors were already exempted from payment of customs and import duties in respect of mining related equipment imported into the country.
She disclosed that as part of encouragement for foreign investors, government has also made personal remittance quota for expatriate personnel free from any tax.
This, she said meant that expatriate miners were no longer bound by the respective enactment for the transfer of external currency out of Nigeria.
She also said that government has also relaxed the policy on tax deductible reserves for environmental protection and mines relationship accordingly. She disclosed of a resolution on remittance of foreign capital in the event of sale or liquidation of the mining operations or any interest therein attributable to foreign investment.
Allison Madueke said the idea was to transform the solid minerals and metals sector into strategic catalyst for domestic growth and achieve global relevance. She added that government was determined to effectively exploit the sector for wealth creation, poverty reduction to enable the rural economy make significant contribution to Gross Domestic Product (GDP).
The minister noted that the current one per cent contribution of the sector to the nation’s GDP was intolerable. She assured that government would not hesitate to embark on a wholesale revision of any other existing policy that might scare away foreign investors who will boost mining activities yield the appropriate result for the overall benefit of the economy.
Allison-Madueke disclosed that geological surveys and studies had revealed that the country was endowed with over 34 mineral types of which most could be found in commercial quantities in over 500 locations. The minerals, she said, include gold, iron ore, bitumen, phosphate, cossiterite and columbite. Others are wolframite, marble, coal, limestone, clays, baryites, lead-zinc, granite and monazita.