Nigeria: Govt guarantees 5 years tax holiday for miners, waiver on mining equipment

By Gabriel Ewepu and Alice Ekpang

Abuja — The Federal Government has guaranteed five years tax holiday for miners who operate in the nation's mining sector and waiver on imported mining equipment.

This was disclosed by the Minister of Mines and Steel Development, Arc Olamilekan Adegbite, while addressing journalists on the 5th Nigeria Mining Week holding from today (Monday) October 12-16, 2020 virtually in Abuja with 2000 participants expected to be in attendance.

According to Adegbite, the event will showcase Nigeria's mining potential to the world, which also will present the nation's mining potentials to investors across the world, and that people are already showing interest who also have classified Nigeria as a mining country.

The Nigeria Mining Week has established itself over the past five years as the preferred mining showcase for technology providers where business happens. It is the one annual B2B gathering for the entire mining value chain in Nigeria where the hot issues get tackled and have become a key driver for the industry to leap forward.

The annual gathering aims at providing support for the development of the local workforce and the mechanisation of the industry and at facilitating the dialogue between private and public sectors across the value chain, to boost the future of mining in Nigeria through collaboration and partnerships.

The conference and exhibition are organised by Miners Association Nigeria, MAN, and is hosted by the Ministry of Mines and Steel Development in association with Clarion Events and PwC.

The 2020 edition is holding digitally because as the global mining industry evolves under the COVID 19 pandemic, there is a need to rethink the traditional models under which it has been operating and to adapt to a new way of doing business.

The 5th edition of Nigeria Mining Week will take place in a digital format for the first time. The inspiring online platform with world-class speakers live discussions, engagement, digital networking, and product showcases.

He said: "The 5th Nigeria Mining Week is slated for 12th to 16th October, and this event will showcase Nigeria's mining potential to the world.

"With the results, we are getting, we have been able to go on roadshows, present our potentials to the world of mining. People are beginning to show interest and classify Nigeria as a mining country.

"During this Mining Week, we are going to showcase what we have to the rest of the world and people who are interested will explore. This year, we are going to have over 2000 participants from all over the world join us online.

"We have three to five years tax holiday for miners in Nigeria, duty, and waiver on mining equipment imported into the country and government allows 100 per cent ownership for foreign investors."

He also added that the government has provided various incentives for both local and foreign investors who will invest in the sector.

Meanwhile, the National President of Miners Association of Nigeria, MAN, Kabir Kankara, assured that the 5th edition will support the development of local miners along the various value chain including mechanisation of the industry, hence will bring dialogue between the private and public sectors in order to boost the value chain and future of mining and miners in Nigeria through collaboration and partnerships.

"The annual gathering aims at providing support for the development of the local workforce and the mechanization of the industry and at facilitating the dialogue between private and public sectors across the value chain, to boost the future of mining in Nigeria through collaboration and partnerships.

"With a network of industry leaders, investors, visionaries, and pioneers transforming the face of mining in the country, Nigeria Mining Week is the place to be to uncover the latest projects, meet new partners, and land new deals", Kankara stated.

According to a Director with PwC which is one of the partners, Habeeb Jayieola, maintained that Nigeria Mining Week has established itself for the past five years as the preferred mining showcase for technology providers where business happens.

"It is the one annual gathering for the entire mining value chain in Nigeria where the hot issues get tackled and have become a key driver for the industry to leap forward", Jayieolo said.

This article originally appeared on Vanguard

Photo: Vanguard