Nigeria to set up solid minerals corporation to attract …
Nigeria plans to set up the Nigerian Solid Minerals Corporation, a state-backed company to help attract investments into the extraction of gold, coal, iron-ore, bitumen, lead, limestone and baryte ...
All you need to know about Nigeria's new …
In November, the Nigerian government unveiled plans to revise its crucial mining law, the Nigeria Minerals and Mining Act (NMMA). The outdated law, which hasn't been updated since 2007, is accused of …
Nigerian Mining Industry: Opportunities for Foreign Investors
The Nigerian government has recognized that the successful exploration and exploitation of its mineral resources requires both technical expertise and financial strength to a large extent can be provided by foreign investors. The government grants mineral titles to allow suitable investors to explore for, mine and market mineral resources. ...
Nigeria: Tax Incentives for Investment in Mining and Metals …
Tax Incentives. While the tax incentives for mining companies are mainly contained in the NMMA, the enabling statute governing the taxation of mining companies in Nigeria is the Companies Income Tax Act (CITA). The Finance Act 2019 which was passed early 2020 also provides certain amendments to some of the provisions of the CITA …
Foreign direct investment (FDI) in Nigeria
The country is among the most promising poles of growth in the continent and attracts numerous investors in the sector of hydrocarbon, energy, construction, etc. According to UNCTAD's 2022 World Investment Report, FDI flows to Nigeria totalled USD 4.8 billion in 2021, more than doubling from the previous year (USD 2.3 billion in 2020) and ...
FG Woos Foreign Mining Investors with Lower Production …
He quoted recent reports by professional services firm, KPMG which reported that mining sector's contribution to Nigeria's GDP rose from 0.3 per cent to 0.85 per cent last year, indicating 0. ...
Nigerian Mining Sector Brief | 1 Nigerian Mining Sector …
investors can meet their power needs by engaging independent power producers for captive generation and supply of energy to the mines. ... that should discourage investors in the Nigerian mining sector. • Illegal mining and community challenges: There are pockets of Illegal mining activities in some
FG Promises Investors Ownership of Investments in …
The Federal Government has promised ownership of investments to investors who invest in Nigeria's mining sector. The government said that the idea of allowing both local and foreign mining investors to own of mineral mined is part of its incentives to attract investors into the mining sector.
Australian mining investors to visit Nigeria
The investors, who lauded Nigeria's mining roadmap as investors' toast, spoke as the curtains drew over the 21st Africa Down Under conference in Perth, Australia.
Nigerian Mining Sector Watch
Nigeria Set to have First Investor Built Lithium Processing Plant Following the discovery of high-grade lithium deposits in Nigeria, several investors and mining companies have expressed interest in mining the mineral, with the most notable investor being Tesla. However, Tesla's bid to purchase raw lithium from the parties was rejected
Nigeria Woos Foreign Mining Investors With Lower …
Addressing global stakeholders in the mining industry, Alake, in the 15-minute speech pitched for more investment in Nigeria listing unique advantages such as lower production cost due to surface mining and billions of dollar untapped minerals. ... Poland President Duda Woos Nigerian Investors in Historic Visit;
Mining is next in Nigeria reform drive
In some official quarters in Nigeria lithium is now being viewed as the new oil, after its price per ton jumped from about $6,000 in 2020 to $78,000 in 2022. What's more, the lithium found in Nigeria is of a high grade, with as much as 13% lithium oxide in some cases. Concentrations of 0.4% are considered exploitable, according to …
Nigerian Mining Corporation
The NMC is a Federal Government Public Statutory Corporation established by Decree number 39, as contained in Gazette No 54, Vol. 59 of 1972, and amended by Decree 34 of 1976 (now NMC Act, Cap. 317, 1990). The NMC as provided by the Decree was to play a dominant role and to act as a catalyst in the development of the mining industry in …
Nigeria to grant mining licences only to …
To spur investment, Nigeria will offer investors incentives including tax waivers for importing mining equipment, make it easier to secure electricity generation licences, allow full repatriation ...
Forestry and Mining Protection of Nigeria
NIGERIAN MINING PROTECTION AND SECURITY CORPS is a Nigerian Uniform Organization, saddled with the responsibility to protect the Mining Sector and to also mediate intending Mining conflicts between the Host Communities and the Mining Companies in Nigeria.. We have a mission to create a formidable 21st-century Security …
How Nigeria aims to boost mining's share of GDP
How Nigeria aims to boost mining's share of GDP. Nigeria | Industry. Analysis. View Article in Online Reader. The Nigerian landscape holds over 30 types of solid minerals in …
Poor funding, insecurity hamper mining sector growth under …
In 2021, the Minister of Mines and Steel Development, Olamilekan Adegbite, said Nigeria had offered 100 per cent ownership of mining investments to attract local and foreign investors in the sector.
Nigerian Mining Progress, but still a long way to go.
States/communities. An investor friendly regulatory environment that provides a one stop shop on regulatory approvals will go a long way to improve investor confidence in the sector. c. De-risk investments: The emphasis on data gathering has gone a long way in increasing investor confidence in the Nigerian mining sector and has
Nigerian Mining Sector Watch
The Nigerian Mining Sector ("the Sector") also witnessed growth in its contribution to the Nation's GDP, having contributed 0.85% in 2022 (2021: 0.63%), representing a 32% year on year growth over 2021 2. Interestingly, the Sector has witnessed sustained growth to the GDP over the last five (5) years, as depicted in the chart below ...
Nigerian Mining Sector Watch
In Nigeria, despite the wide spread economic impacts of the pandemic, the Mining Sector (the Sector) exceeded budgeted revenue of the Federal Government (FG) in 2020 by about 10% (N2.09billion as against N1.9billion)1, and increased its contribution to the Nation's Gross Domestic
Nigeria Mining Sector, Emerging Investors' Goldmine
The Nigerian mining sector is gradually becoming the toast of both local and foreign investors, going by the current reforms undertaken by the Federal Government in the sector. Data obtained from the Federal Government revealed that Nigeria currently has over 44 known types of minerals of varying mixes and proven quantities, some of which …
Mining in Nigeria: Challenges, opportunities, and prospects
September 20, 2023. Mining in Nigeria | Nigeria, often referred to as the "Giant of Africa," boasts a diverse range of natural resources, including a wealth of minerals. Mining in …
nigerian-mining-sector-watch
For example, the 2023 revenue projection from the mineral and mining sector (based on the 2023 budget proposal presented by President to the legislature) is expected to increase from ₦2.92Billion in 2022 to ₦3.64Billion, representing a 25% increment over 2022. The FG's agenda has led to improved collaboration amongst various stakeholders ...
Nigerian Govt Woos Foreign Mining Investors With Lower …
Press Release - The minister quoted recent reports by audit firm KPMG which reported that mining's contribution to Nigeria's GDP rose from 0.3 per cent to 0.85 per cent last year, indicating 0.63 ...
Mining reforms to bring more power to state authorities in Nigeria
In November 2021 the government announced plans to move forward with the reforms, and sector players and investors hope that 2023 will see an updated NMMA on Nigeria's statute books. The new NMMA is expected to address a number of key issues within the sector, from overall governance to local content.
Nigerian Mining Progress, but still a long way to go.
83. 2018 2019. 2020 2021 2022. Source: Nigerian Bureau of Statistics – 2022 is a sum of Q1 to Q3 values. Global Mining trends: Several global trends, including rising demand …
High-grade lithium discovered in Nigeria attracting investors …
The Director-General, Nigerian Geological Survey Agency, Dr Abdulrazaq Garba, has said that high-grade lithium discovered in Nigeria has been attracting foreign investors. He said this while ...
NIGERIAN MINERALS AND MINING ACT
The plant, machinery, equipment and accessories imported pursuant to subsec- tion (1) of this section may be disposed of by the holder of mineral title upon the full payment of customs and import duties in respect thereof. The Mines Inspectorate Department shall ensure compliance with this section of this Act. 26.
All you need to know about Nigeria's new mining …
December 17th, 2021. By. Shoshana Kedem. Image : Kola Sulaimon/AFP. In November, the Nigerian government unveiled plans to revise its crucial mining law, the Nigeria Minerals and Mining Act (NMMA). The …
Mining reforms in Nigeria to drive sector growth
Nigeria's mining sector is entering a new phase following the Covid-19 pandemic, with greater government support and a growing role as an important generator of export earnings amid post-pandemic economic recovery. Many of Nigeria's mineral resources remain unexploited, with considerable potential in gold, precious and semi-precious …