…as NIPC calls for tax holidays, import waivers for investors

By Gabriel Ewepu

ABUJA – AS the 9th Nigerian Mining Week kicks off, the Federal Government, Monday, assured investors to unlock potentials in the solid minerals sector.

The assurance was given by the Permanent Secretary, Ministry of Solid Minerals Development, Dr Mary Ogbe, while speaking on the ‘Overview of the Nigerian Mining Sector and Legal Regulatory Framework and Policies for Nurturing Local Content in Mineral Exploration and Mining in Nigeria’.

Ogbe who highlighted the efforts and achievements of the sector under the Tinubu-led administration based on the ‘Renewed Hope’ Agenda, said the heavily endowed solid minerals sector has a potential to make investors smile to the banks.

However, she said the regulatory framework is to be adhered to in order to safeguard the lives of host communities and the environment.

Theme of the 2024 edition of the Nigerian Mining Week is ‘From the Inside-Out: Building the Mining Sector to be the Cornerstone of Nigeria’s Economy’, having participants from Africa, Europe, Asia, and other parts of the world, and it would end on November 20, 2024.

She said: “I stand before you with a deep sense of humility and purpose, eager to share the
transformative journey Nigeria’s Mining Sector is undertaking; a journey marked by bold
policies, groundbreaking regulations, and strategic initiatives that are reshaping our
nation’s economic landscape.

“We are not merely refining an industry; we are building a resilient and inclusive mining powerhouse that taps into the vast potential of our land and its people.

“Our approach is dynamic and uncompromising, laying the groundwork for a sector that not only competes on the global stage but also uplifts communities, nurtures local talent, and drives Nigeria’s sustainable future forward.

“Each step we take, each policy we craft, underscores a deep-seated commitment to value creation and a forward thinking vision that redefines what mining can mean for Nigeria.

“With a focus on responsible exploration, sustainable extraction, and local processing, the Energy Transition Minerals Development Policy not only capitalizes on emerging market opportunities but also ensures that Nigerian communities benefit directly from the development of these resources.

“As we continue to implement these transformative initiatives, I encourage all stakeholders to collaborate with us in unlocking the full potential of Nigeria’s mining sector; a sector that promises to be a cornerstone of Nigeria’s economy and a model of sustainable growth for years to come.”

Meanwhile, in a presentation titled ‘The Ministry of Solid Minerals Development Strategies for Collaborating with Mineral Title Holders to Promote their Mineral Assets’, the Director, Investment Promotion and Mineral Trade Ministry of Solid Minerals Development, Dr Esther Udo, informed investors about the available and reliable geological data that would aid their operations in the sector.

“The availability of reliable geological data is critical for decision-making. Through
initiatives like the National Integrated Mineral Exploration Project (NIMEP) and the High-Resolution Airborne Geophysical Survey, we have generated extensive datasets. These are now accessible online, enabling title holders and investors to identify high-potential projects and de-risk exploration activities.

“To further enhance collaboration, the Ministry is encouraging title holders to leverage this data to attract serious investors willing to develop projects to full-scale production or enter into joint ventures for mutual benefit” Udo said.

Meanwhile, she assured that the Federal Government is handling issues on insecurity and illegal mining in the sector.

“Security remains a critical concern for the mining sector. Under the Honourable Minister’s leadership, we have strengthened the Mines Surveillance Task Force and expanded the Mines Marshals Program to combat illegal mining and ensure the safety of licensed operators.

“Equally important is our focus on environmental compliance and community engagement”, she added.

Meanwhile, the Executive Secretary, Nigeria Investment Promotion Commission, NIPC, Aisha Rimi, speaking on the topic ‘Boosting Mineral Exploration in Nigeria: Strategies to Attract and Secure Domestic and International Investment’ pointed out that government should give more incentives to investors in order to boost their confidence including tax holidays, import waivers, and others.