Why investors own 100% of mining projects, by Bwari

Minister of State for Mines and Steel Development, Abubakar Bawa Bwari, has said that investors now own 100 per cent of mining projects in the country, as stipulated in the Minerals and Mining Act 2007.

He said government was committed to developing the solid minerals and mining sector, while leveraging on the $3.32 billion private investments in mining projects as provided in its Economic and Recovery Growth Plan (ERGP).

Bwari, who spoke at a stakeholders’ forum yesterday in Abuja, said already, the trend was boosting private investments in gold mining and refining, foundry works, as well as lead and zinc exploration and production.

According to him, those expressing fears about easy transportation of finished products should know that government has put in place strategies to resolve the challenges through implementation of the master plan.

“Nigeria is now ranked among the most conducive environments to do business due to waivers on customs and import duties for imported mining operations plant and equipment, as well as tax holidays for three to five years,” he stated.

He explained that dredging of the River Niger has been concluded, while work at Warri Port and Escravos Channel is near completion, adding that these would facilitate export and import of goods.

“A new export guideline for the export of mineral commodities have been developed, which seeks to ease challenges surrounding granting of export permits and licensing issues,” he added.

Meanwhile, Bwari has inaugurated the Metallurgical Operators Association of Nigeria (MOAN), urging members to work towards giving the sector additional impetus.

“These are aimed at diversifying the Nigerian economy through solid minerals.

Before now, Nigeria was a mining destination before oil and gas took over.

So, the new direction is to generate revenue and create more jobs through the sector,” he added.