The Nigerian government has revealed plans to issue tax waivers on imported mining equipment, suggested the Minister of Solid Minerals Development, Dele Alake recently.
According to the minister’s special adviser on media, Segun Tomori, the minister spoke about this during his meeting with his Saudi Arabian counterpart, Bandar AlKhorayef, on the sidelines of the Future Minerals Forum held in Riyadh, Saudi Arabia, to get investments for the country.
The minister mentioned that the plan is to issue tax waivers on imported equipment for the mining sector and make sure investors get full profit.
Nigeria To Issue Tax Waivers On Imported Mining Equipment: More Perspectives
This disclosure comes in the middle of the persisting issue of illegal mining, particularly in the North East region despite the proscription and stern control that the governors of states such as Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe promised to enforce.
Dr. Alake stressed the need to form strong partnerships with countries like Saudi Arabia, noting that the global energy transition is dependent upon vital minerals, which according to him are ample in Nigeria.
He continued that Saudi Arabia has always been good to Nigeria, a gesture that Nigeria had always wanted to requite, and forming a strong partnership in areas of economic development seems like the best way to do that.
The country is ready and open to accepting investments in its mining sector.
He also argued for investment in local value addition that has to do with the processing of solid minerals that will result in the production and setting up of factories in Nigeria, which will in turn create jobs and improve the economy.
Responding to Nigeria’s plans, Mr. AlKhorayef agreed with the country on the fundamentals of broadening the economy with a focus on the mining sector. He then accepted a partnership with Nigeria.
The two countries have agreed to form a joint technical committee to move things along promptly and bring significant success to the mining sector.