BUHARINOMICS: FG WOOS FOREIGN INVESTORS WITH 3 YEARS TAX HOLIDAYS, KILLS LOCAL BUSINESSES WITH MULTIPLE TAXES

The Minister of Mines and Steel Development, Dr Kayode Fayemi, yesterday offered prospective investors in the Nigerian mining sector three years tax holiday, as part of Federal Government’s incentives to serious investors.

The tax holiday, according to the Minister, would commence from the date the investor commences mining operations in the country. Speaking at the opening session of the ongoing Africa Down Under Conference in Perth, Australia, Fayemi said the country was determined to returning stronger to the global ore and mineral market and would drive the growth and development of the sector through the private sector.

The Minister listed other incentives approved by the Federal Government for investors in the mineral and mining sector to include exemption from custom and import duties on mining equipment.

Other incentive available to the foreign investors is that companies could be wholly owned by such investors. Fayemi also identified security as another major area the government was investing in, in order to ensure security of investment as well as life and properties.

“Our government has a renewed commitment to the improvement of security across mine site, logistic related security and general terrorism.” The Minister who presented graphical details of incentives obtainable in several other major mining countries, including Australia, USA, South Africa and Chile, told the audience, which comprised investors, operators and other allied professionals that Nigeria was offering more generous incentives, including favourable tax regime and royalties.

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