FG to spend N15b on exploration of minerals, says Fayemi
The minister said the FG is committed to supporting investors in the exploration of the country's minerals.
Recommended articles
![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
The minister told Reuters in an interview in Abuja that the government is committed to supporting investors in the exploration of the country's minerals.
According to him, the government is doing its best to attract as much as N60 billion of private investment into the mining sector.
He said, "Because we are starting from a low base, we want to have a portfolio of exploration activities in place that could whet the appetite of the average investor who wants to come in."
ADVERTISEMENT
In its bid to end the country's major dependence on oil, the Federal Government has been pooling a lot of resources into making the mining sector a very big attraction for investors.
To achieve that, Dr. Fayemi had earlier highlighted incentives available to investors in the mining sector to include renewable tax breaks, duty waivers on imported mining equipment, and 100% ownership of business concerns, among others.
ALSO READ: FG grants tax breaks to investors
He had also promised the provision of an initial N2.5 billion loan facility to miners in the country in a bid to encourage local miners and lure investors to the industry.
According to the minister, "Nigeria is one of the lowest spenders on exploration as far as mining activity is concerned. This government is determined to turn the tide on that, because we’re quite convinced of the opportunities."
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Parents to donate organs of their baby who died after falling from hotel window
French police detain man who threatened to bomb Iran consulate in Paris
FCCPC begins fact-finding engagements in markets to crash food prices
Gunmen kill 13 persons in fresh Plateau attack - Police
Aiyedatiwa, 15 other APC aspirants jostle for 171,922 votes at Ondo guber primary
Tinubu wants South Korean company to establish production bases in Nigeria
NCDC remains concerned as mysterious illness continues to spread in 3 northern states
Only God gives power, Atiku resigned to fate in WhatsApp chat with supporters
Why Kogi Assembly can't impeach Ododo over Yahaya Bello's escape - Speaker
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT