Roadmap for the growth and development of Nigerian mining industry

Country / jurisdiction: Nigeria · Year: 2016 · Status: In force · Level: National · Type: Voluntary

To diversify economic activity and export composition, the government launched the Roadmap for Solid Minerals in 2016 with the purpose of increasing mining’s contribution to GDP to 10% by 2026. The plan is divided into three phases: rebuilding the market confidence and win over domestic users of imported industrial minerals; focussing on expanding domestic processing industry; and seeking to return to global markets and a market competitive price point.

Even though not all of them are a direct result of the policy, currently, there are various incentives for the investment in the mining sector. One is the Tax Holiday incentive provided for new companies in the mining of solid minerals sector under which they are exempt from tax for the first three years of their operation. Another is the Export Expansion Grant Scheme, which grants the export credit certificates rates of 5 up to 15%, depending on the level of manufacturing of the goods  to be used to settle all federal government taxes and to purchase government bonds and repay government credit facilities and debts.

Official source: https://nigeriareposit.nln.gov.ng/items/e34f8ea8-07b5-4dcc-bc53-bc05b089ea3c