Nigeria as a country is blessed with
abundance of many resources which
include stones, precious metals and
minerals. Following the history of the
Nigerian mining, In the early 70s, Nigeria
was a major exporter of coal, tin, and
columbite, as such, Nigeria made a lot of revenue from the exportation process.
However, this exportation process and
other activities in the mining sector
suffered premature death when crude oil
was discovered.
Many Nigerians have argued and made a
lot of presentations on the need for the
country to come up with more sectors and
multiply the revenue streams of the
country. When democracy gained
prominence in 1999, President Obasanjo
worked tirelessly in putting in place a
mechanism for diversification of the
country’s revenue and as far as the mining
sector is concerned, the Nigerian Minerals
and Mining Act was inaugurated in 2007 to
revive the mining sector in Nigeria.
It should be noted that though over 40
different minerals are scattered across
Nigeria, some of them are not available in
commercial quantities. The Ministry of
Mines and Steel Development in its mining
sector reformation strategy identified
seven (7) minerals for strategic and
priority development. The identified
minerals are Iron ore, Coal, Lead/Zinc,
Bitumen, Gold, Limestone and Barite.

Mining Sector’s Legal and Regulatory
Framework.
The Nigerian Mineral and mining Act
regulates the mining sector in Nigeria by
vesting the regulation and control of
ownership of Nigeria’s mineral resources.
Also, the provision of Nigeria’s National
Minerals and Metals Policy coupled with
Minerals and Mining Regulations control
the activities of the sector.
In terms of administration of the mining
industry, Ministry of Mines and Steel
Development oversees the industry’s
administrative activities. The
administration is carried out by Mines
Inspectorate Department, Artisanal and
Small Scale Mining Department, Mines,
Environment and Compliance and Mining Cadastre office.

Mining Titles and Licenses.
Mining titles are granted to individuals,
companies and co-operatives. Mining
leases and exploration licenses can be
granted through competitive bidding or
individual request. Under competitive
bidding, mineral locations are
consolidated into blocks by the
government and such blocks are offered
for sale to both local and foreign investors
who have financial and technical muscle to
consummate mining activities. The bidding
process under the competitive bidding
include advertisement in media, due
process of diligence by data room, receipt
of Expression of Interest (EOI), preferred
investor selection, communication of
investors that are selected to National
Assembly Committee on Solid Minerals
and offer of mineral titles to selected
investors.
As far as licensing and leasing is
concerned, the types of licenses and leases
that can be given include Renaissance
Permits (RP), Exploration license, Quarry
Lease, Small-Scale Mining lease, Mining
lease and water use permit.

Mining business in Nigeria.
In Nigerian mining, Nigerians can start
and carry on the business of mining
through partnership, limited liability
companies, unlimited liability companies
and unincorporated joint venture while
foreigners are only authorized to start and
carry on mining business through limited
liability companies as section 54 of
Companies and Allied Matters Act (CAMA)
states that foreign company cannot carry
on any business in Nigeria. As such, the
documents required for company’s
incorporation in Nigeria are Memorandum
of Association, Articles of Association,
Share Capital statement, compliance with
Companies and Allied Matters Act (CAMA)
declaration, notice of situation of the
company’s registered office and return of
allotment of shares and particulars of First
Directors of the company.

Challenges in the industry.
The challenges confronted by investors are much and as such, can not be over emphasized.
However, the major challenges that mining industry’s investors are facing are low project funding due to slow reform implementation by the government, appalling level of infrastructural development, inadequate security, illegal mining and community issues.

Dele Akintilo
I am an Economist, a Business
Writer, a Blogger, an eBook
reviewer/publisher and a creative
writer.

www.aolweightloss.com

This is a call by the government of president buhari to diversify the economy. Some companies ae already keying in. It is a patriotic duty as our economy is in tying times.

There is an ongoing bid tender for mining lease, mineral exploration, licensing etc.


Let us join hands and promote this sector. It is one major means of diversifying our economy.

Call us fo ur zinc, lead and even silver. Check my signature

Have you checked how you can benefit from this industry? The industry is wide and all encompassing. It is the in-thing now... I no wan let the cat out too much. But hey, how much is $ to naira now? Anything that brings $ now na the king.

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frodobee:
Call us fo ur zinc, lead and even silver. Check my signature

Hello Frodobee. I am a Buyer of Lead Ore and I am travelling to Eboying this week (October 31) on an inspection and buying tour. Can I have your phone number and email. you can reach me privately on djnana2002@yahoo.com. Thank you.

DJN:


Hello Frodobee. I am a Buyer of Lead Ore and I am travelling to Eboying this week (October 31) on an inspection and buying tour. Can I have your phone number and email. you can reach me privately on djnana2002@yahoo.com. Thank you.

I left you a mail. Alternatively, you can call me on this number 08039541811