FG Guarantees 5 Years Tax Holiday For Miners In The Country
And Waiver On Mining Equipments
The Federal Government has guaranteed five years tax holiday for miners operating in the country’s mining sector and waiver on imported mining equipment.
This was made known 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.
Adegbite said that 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 has 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 is 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.
Read also: Breaking: IGP disbands SARS nationwide
On the his remark, 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 the mechanisation of the industry,
“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 said.