Minister of States for Mines and Steel Development, Uche Ogah has revealed that efforts are ongoing to make the mining sector attractive for foreign investment.

He added that one of such is the introduction of waivers on mining equipment coming into the country as well as tax relief for big miners coming into the country.

Ogah while speaking on a television programme monitored by ABN TV, said President Muhammadu Buhari administration is putting in place mechanism to make the solid mineral sector attractive.

https://www.youtube.com/watch?v=Wu_Zm3Dj5Hc

The Minister said it is in an effort to ensure it is positioned to serve as an alternative to oil in terms of income generation.

He also called on states to begin to take active steps in the sector, noting that they have a lot to gain.

"Again, the states can come into mining, not as a government but using Special Purpose Vehicle (SPV). With this, they can acquire licenses, they can mine and form partnership with other investors.

"This will ensure that those SPVs pay their royalties as they are mining. It is not like the states are investing. The SPV is an entity and that entity has a relationship with Ministry of Mining.

"With that relationship, the entity has the right to enter into obligations and transactions with the Ministry and that will encourage most of the states to invest in the mining sector," he said.

Ogah further added the Special Purpose Vehicle (SPV) strengthens accountability and openness in the system.

Source: https://abntv.ng/2020/08/video-weve-introduced-waivers-on-mining-equipment-tax-relief-others-says-ogah/

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