The Minister of Mines and Steel Development, Arch Olamilekan Adegbite, has said that his ministry is currently creating a viable gold ecosystem in the country.
The ministry is also opening up areas for foreign investors to take up stakes in the gold subsector,he announced during the visit of the Belgian ambassador,Daniel Bertrand,to the ministry.
A Canadian company, Thor Exploration had started producing gold in commercial quantities through the Segilola Gold Project in Osun state,a statement by his Special Adviser,Media ,Ayodeji Adeyemi said.
He added:‘Nigeria has a lot of gold and we are developing the sector to attract investment into it. Nigeria is not just about oil and gas. We are richly endowed with diverse mineral assets in varying mixes and proven reserves. As we pursue our growth innovations through continued exploration, more mineral types and finds are being discovered.
”We can confirm that every zone in Nigeria has some minerals to bring to the national table of resource riches. As of today about 44 minerals have been identified”
The minster also informed his visitor about the mining-related clusters in the six geopolitical zones of Nigeria.
“These activities will boost the productivity of artisanal and small scale mining, generate wealth and create employment opportunities for the youths.
The programme is financed by the Federal Government under the COVID 19 Stimulus Programme. The programme comprises of the set-up of a Gold Souk (market) in Kano to encourage import substitution, Gemstone Marketing and Processing Center in Ibadan, Gold Processing Center in Mopa-Muro in Kogi State, Barite Processing Center in Ogoja, Kaoline Processing Facility in Bauchi and the Lead Zinc Processing Center in Abakaliki.” He said
He also revealed that the ministry had instituted some business friendly incentives and policy in the sector to make it more attractive to foreign investors.
“Some of the incentives we have instituted to make the sector more attractive to investors include Customs and import duties waiver for plant, machinery and equipment imported for mining operations. Tax holidays of between three to five years as applicable. Free transferability of funds and permission to retain and use earned foreign exchange. Capital allowances of up to 95% of qualifying capital expenditure. Deductibility of Environmental Costs (money meant for environmental remediation will be tax free). 100% ownership of mineral properties”
In his remarks,the Belgian Ambassador,expressed his country’s interest in the sector.
He said: ‘I am just looking to see if there is any possibility of cooperation between both countries as your sector is concerned.’
