By ABAH ADAH
The Permanent Secretary (PS) in the Nigerian Ministry of Solid Minerals Development, Dr Mary Ogbe, has outlined the principles and strategies of the federal government towards unlocking the rich potentials of the solid minerals and mining sector.
Ogbe who was speaking on the theme: “Government’s Vision on Investors’ Incentives for the Mining Sector: Approach and Implementation” at the ongoing 8th edition of the Nigerian Mining Week (NMW) on Monday, being Day 1 of the 3-day event in Abuja reiterated the government’s commitment to fostering an environment that would attract both local and foreign investors to the mining sector through incentives.
She said in recognition of the crucial roles incentives play in encouraging investment, the government’s vision is intentionally predicated on some key principles, which include:
- Transparency and accountability.
According to her, several measures have been put in place to achieve this, such as fostering effective and transparent mining title administration with the launch of the electronic Mining Cadastre Plus (e-MC+) last year by which titles can be applied for digitally.
- Investor friendly regulation aimed at streamlining the mining process, reducing bureaucratic bottlenecks, and encouraging responsible mining practices.
“We are currently reviewing and updating the 2007 Mineral and Mining Act to align with current realities and international best practices,” she said.
Other principles explained are: policy stability, infrastructure development, and market access, as manifested in the various trade agreements already signed.
She also explained the strategies which were captured under: Diversification into harnessing solid mineral resources, capacity building, community engagement, investor partnership, tax holidays, free transferability of funds, capital allowance of up to 95 per cent of qualifying capital expenditure, 100 per cent ownership of mineral properties, investment in research and development, and environmental protection.
“Distinguished participants, we therefore invite all stakeholders, both domestic and international, to join us on this exciting journey. Together, we can unlock the immense potential of the Nigerian mining sector, contributing to the growth and prosperity of our nation.
“As we move forward, let us remember that our collective defaults today will shape the mining landscape of tomorrow; and it’s our duty to ensure that the future is bright and sustainable,” she noted.
Earlier, other speakers spoke extensively on the sector’s resourcefulness and the urgent need to make the sector more attractive to investors for express economic development.
Doing justice to the theme, Market Analysis: Exploring Business Opportunities, in an Emerging Mining Sector, the first speaker and Editor, Extractive 360 Nigeria, Mrs Juliet Ukanwosu, stressed the need for government to focus more on the transition minerals ‘because that is where the conversation is heading. Other countries are already taking the lead, and Nigeria cannot afford to lose out on its fair share of the earnings from this sector. “
The Nigerian Mining Week is an annual event. This 2023 edition, being the 8th in the series, is co-hosted by the VUKA Group, PricewaterhouseCoopers (PwC), and the Miners Association of Nigeria in conjunction with the ministry of Solid Minerals.
According to the organisers, This year’s Nigerian Mining Week which the 8th in the series is expected to have in attendance over 2,000 professionals, experts, exhibitors, among other critical stakeholders from Nigeria, the Western Sub-Region, other parts of the continent, and major mining destinations around the world such as India, UAE, China, and South Africa.
