The Minister of State for Mines and Steel Development, Abubakar Bawa Bwari, has said the future of mining in Nigeria is very bright and there is no better time to invest in the sector than now. The minister said this in a speech he delivered to mark the 2018 Nigerian Mining Week which began in Abuja yesterday.
“The Nigerian mining sector is now more than ever before, an investors’ dream considering the high grade deposits discovered by current operators and the conducive and competitive investment climate comprising 100% ownership of mining project secured by the Nigerian Minerals and Mining Act, 2007.”
“[Other incentives include]; Waiver of customs and import duties for plant, machinery and equipment imported for mining operations; Tax holiday of three to five years; Free transferability of funds; Permission to retain and use earned foreign exchange; Capital allowances of up to 95% of qualifying capital expenditure; and Deductibility of Environmental Costs,” the minister stated.
Source: Daily Trust