In August 2016, the mining road map was approved by the President and a bill proposing the creation of a regulator will be the next step for the development of the industry. A lot of progress still needs to be made to develop the sector, and bring the required grass root impact for a country in need of alternative sources of foreign exchange. The new legislation is including incentives such as allowing full foreign ownership of mining projects in order to attract investments and economic growth
All eyes are on Nigeria as Government introduces reforms and precious partnerships in the Mining Industry, which will upward the economy.
Investors are looking to Nigeria at a turning point of a mining industry.
To encourage investors, several measure have been put in place, such as incentives including tax holidays of as much as five years for new companies, duty free imports on mining equipment and mining licences for 25 years.
The time has never been better to take advantage of the advances being made to awaken the mining sector.
Mining looks good to replace oil as Nigeria’s main revenue in the next five years, The government is now moving away from its black gold dependence to open its economy up to diversification.
Indeed, the Nigerian economic recovery plan is designed towards the mining industry development., and the Nigerian Export Promotion Council (NEPC) has disclosed that Nigeria is capable of generating N5 trillion from mining and solid mineral exportation based the Economic Recovery and Growth Plan (ERGP) and the 2017 annual budget information
It seeks to make Nigeria compete in the global market for refined metals and minerals from 2018 to 2030 with the ultimate goal of achieving globally competitive mining sector.
WHY IS NIGERIA ON THE MINING BUSINESS MAP?
Despite signs of recession and low global commodity prices, the Nigerian mining industry has certainly witnessed some phenomenal developments within the past 10 months, but a lot of progress still needs to be made to develop the sector, and bring about the required grass root impact for a country in dire need of alternative sources of foreign exchange.
This is expected to be achieved in the medium to longer term within the Nigerian mining sector.
On another note, in August 2016, the mining road map was approved by the President and a bill proposing the creation of a regulator will be the next step for the development of the industry.
The new legislation is including incentives such as allowing full foreign ownership of mining projects in order to attract investments and economic growth
THE KEY MINING OPERATORS IN NIGERIA INCLUDE:
- Agropet Nigeria Limited
- Eta-Zuma Group Ltd
- Greenfield Metals Limited
- Japaul Mines and Products
- Kinsfield Energy Ltd
- Ministry of Mines and Steel Development
- Nigerian Mining and Geosciences Society:
- SBOG Nigeria Ltd
- Tongyi Allied Mining Ltd
- Western Goldfields Group Ltd
- SGS Nigeria
- Red Mining
- Mine Safety Investments Co Ltd
- Nuel Ojei Holdings Limited
- IG Ezenwa Lead- Zinc Company
- Aguagem Mining and Engineering Ltd
- Conbrooks Energy & Minerals Ltd
- G and G Mining and Energy Nigeria Limited
- Global Exploration and Mining Service
DID YOU KNOW?
- Nigeria is looking for investments of $7 billion in mining and steel over the next decade as it seeks to develop gold and iron ore extraction industries to diversify its oil-dependent economy.
- Nigeria aims to increase mining's contribution to gross domestic product from 0.3 percent in 2015 to 7 percent within a decade: from $1.44 billion to $33.67 billion
- It also plans to create a $1 billion mining exploration fund from state and private capital to improve data on Nigeria's mineral wealth. Each exploration project will be supported with about $5 million.
- The government has created a local minerals investment fund of $500 million injected for the sector
WHERE ARE THE RESOURCES LOCATED?
VIEW MARKET INTELLIGENCE REPORT
1. Nigeria Solid Minerals Investment Brochure 2016
2. Nigerian Government Official Website (www.nigeria.gov.ng)
3. Federal Ministry of Mines & Steel Development (www.mmsd.gov.ng)
4. Nigerian Investment Promotion Commission (www.nipc.gov.ng)