Nigeria is now offering prospective investors in the mining sector a three year tax holiday, The Minister of Mines and Steel Development, Dr Kayode Fayemi has confirmed.
The minister was speaking at the opening session of a conference dabbed “Africa Down Under,” in Perth, Australia.
The move is part of the federal government’s initiative to draw investors back into the country even as other incentives are included in the package. Other goodies include; exemption from custom and import duties on mining equipment, adding that companies would be wholly owned by foreign investors.
Read:Nigeria in the worst recession country has seen in 29 years
Nigeria has been hit by the worst recession that the country has seen in nearly 30 years. Anything that the government can do to revive the economy as at this present time highly welcome.
The tax holiday is set to begin at the stage of executing mining operations in the country.
The African Down Under Conference is renowned as one of the main avenues for facilitating discussions on how to grow investments and participation in the African mining space. It attracted significant interests from organisations that are seriously considering investing in the mining sector in Africa.
