The government of Nigeria has taken it upon themselves to increase investor participation by offering a three year tax holiday for mining investors.
The government is seeking to raise $7 billion in order to develop the mineral and steel industries. The tax incentive is said to start from the date the investor commences mining operations in the country. The Minister of Mines and Steel development Kayode Fayemi told prospective investors at a meeting in Perth, Australia, according to the statement on the ministry website. He also confirmed the discovery of Nickel deposits in the Kaduna state.
Besides the tax holiday to lure investors the government included 100 percent foreign ownership of mining projects, and an exemption of import duties on mining equipment, according to the statement. The Nigerian government also pledged to boost security around mining sites.
As well as this, the government plans to diversify its oil-dominated economy into solid-mineral development and agriculture.