The Federal Government has stated its commitment to supporting the mining industry in a bid to grow the economy and create jobs for Nigerians.
The Minister of Mines and Steel Development, Olamilekan Adegbite, who spoke during a facility tour of Segilola Gold Project, Iperindo, Osun State, said the government, through the Ministry, has provided a number of incentives to businesses and investors to spur growth in the sector.
Some of the incentives include waiver on customs and import duties for plant, machinery and equipment imported for mining operations; tax holidays of between three and five years for businesses.
Others are free transferability of funds and permission to retain and use earned foreign exchange; capital allowances of up to 95 per cent of qualifying capital expenditure; deductibility of environmental costs (money meant for environmental remediation will be tax free) and 100 per cent ownership of mineral properties.
He said: “We want to make Nigeria a major gold producing hub in Africa and this is why the administration of President Muhammadu Buhari has given so much support to this sector to ensure that we diversify our economy away from oil.”
In his address, the Managing Director/Chief Executive Officer of Segilola Gold Project, Segun Lawson, stated that despite the challenges brought about by the pandemic, the company’s target production date had been slated for the second quarter of the year.
He also said the company targeted to produce an average of 80,000 ounces of gold yearly for the life time of the mine.
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