Solid Minerals Development Minister Kayode Fayemi has said that Nigeria plans to spend 15 billion naira ($42 million) over the next year to explore for minerals and attract Investors into Mining and reduce its dependence on oil, Bloomberg reports.
“Because we are starting from a low base, we want to have a portfolio of exploration activities in place that could whet the appetite of the average investor who wants to come in,” Fayemi said in an Oct. 18 interview in the capital, Abuja. They will be able to “drill down when they have that baseline information,” he said. The government is hoping to attract as much as 60 billion naira of private investment into mining, he said.
To further encourage investors, incentives including tax holidays of as much as five years for new companies entering the market, duty free imports on mining equipment and mining licenses for 25 years have been put in place, the minister said. Additional support for the industry is expected through a $600 million bond to be sold by the end of the year to raise more funds to provide required infrastructure and help accumulate data on minerals.
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