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It is critical that Nigeria positions its mining sector to attract foreign investment and partnerships as is the case in Angola, South-Africa and other African nations who have made veritable progress in creating a better business environment for investors in the mining sector. Regulatory Framework of the Nigerian Mining Sector
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Examples of green mining investment include investment in solar power rather than reliance on fossil fuels for powering the processing of minerals, and the use of eco-friendly explosives (e.g., concentrated Hydrogen Peroxide (H 2 0 2)) rather than the widely used Ammonium Nitrate explosives (which upon explosion, releases toxic gases to the ...
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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that Foreign Portfolio Investors want the country to carry out policy reforms to enable them to bring in their funds.
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Nigeria's mining sector has experienced a surge in Foreign Direct Investment (FDI), driven by reforms designed to create a business-friendly environment. In 2022, the sector attracted over $400 million in FDI, marking a 35% increase from the previous year.
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The Act vests the control, regulation and ownership of all mineral resources in the Federal Government of Nigeria (FGN). The Minerals and Mining Regulations and the National Minerals and Metals Policy also govern the sector. The erstwhile Ministry of Mines & Steel Development (MMSD) oversaw the mining sector in Nigeria, pre-2024.
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The 2014 Annual Survey of the Frasier Institute ranked Nigeria as one of the 10th least attractive jurisdictions in the world for mining investment.30 Major factors that influence investment decisions such as human capital, gender mainstreaming, supporting infrastructure, financing and business and security are key challenges that need to be ...
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Nigeria's Minister of Solid Minerals Development, Dr. Oladele Alake, seeks to woo foreign investors with lower mining production cost and a commitment to improve the security …
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mining companies are negotiated and agreed upon. Foreign Direct Investment in Mining: An Opportunity and Challenge UNCTAD estimates that current Goals-related investments in developing countries by the public and private sector combined are in the order of $1.4 trillion, and total annual investment needs to accomplish the Goals by 2030 are
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However, like any developing mining sector, Nigeria's regulatory landscape can be complex and requires a well-informed approach to ensure compliance and maximize investment potential. For foreign investors seeking opportunities in Nigeria, understanding the regulatory landscape and securing the right permits are essential steps. Here's a ...
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The Federal Government has assured foreign investors interested in the Nigerian mining sector of conducive business environment and low production cost to. ... He quoted recent reports by audit firm KPMG, which reported that the contribution of mining to Nigeria's Gross Domestic Product (GDP) rose from 0.3 per cent to 0.85 per cent in 2022 ...
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In the past two decades, the Federal Government of Nigeria has made concerted efforts to revitalise and grow Nigeria's mining sector to diversify its sources of revenue and foreign exchange earnings.
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These sort of reports on banditry and insurgencies across several mining States have discouraged foreign investors from participating in the Nigeria mining sector. Former Minister of State Mines and Steel Development, Uchechukwu Ogah, disclosed that Nigeria has in the past six years lost revenue estimated at $5 billion to the smuggling of gold.
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- Mining of industrial minerals; - Telecommunications. Operating Licenses. ... Under this scheme the foreign investor buys Nigeria debt stock with hard currency and then sells the stock to the CBN in return for Naira to be invested in Nigeria. The CBN benefits by getting Nigeria's foreign debt stock reduced, and the foreign investor gets an ...
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Discover the lucrative investment opportunities in Nigeria's mining sector in 2025. Learn about the technological advancements, government support, and sustainability initiatives …
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The Federal Government has assured foreign investors interested in the Nigerian mining sector of conducive business environment and low production cost to boost their profitability.
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The Federal Government has assured foreign investors interested in the Nigerian mining sector of conducive business environment and low production cost to boost their …
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The Federal Government has assured foreign investors interested in the Nigerian mining sector of a conducive business environment and low production costs to boost their …
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An investor may enter into the mining industry in Nigeria through the acquisition of an existing mining property from the original owner however an approval must be obtained from the Ministry of Solid Minerals Development for such acquisition or by obtaining an application either for a Prospecting Right (PR), an Exclusive Prospecting Licence ...
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He also quoted recent reports that mining's contribution to Nigeria's GDP rose from 0.3 percent to 0.85 percent last year, indicating 0.63 percent year on year growth.
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PressReader. Catalog; For You; THISDAY. FG Woos Foreign Mining Investors with Lower Production Cost - Folalumi Alaran in Abuja . Cutting red tapes which slow business transactions and improving the security of mining operations were among fresh commitments unfolded by the Minister of Solid Minerals Development, Dr. Oladele Alake at the …
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THE WAY FORWARD Mining development in Nigeria lagged in the 1990s as a result of Nigeria adopting a statist approach to nationalizing foreign –owned mining operations, restricting private sector access to land for mineral exploration and development and subsidizing public sector operation to the detriment of the private investors.
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Additionally, the Nigerian Investment Promotion Commission (NIPC) serves as a one-stop shop for foreign investors, streamlining the process of setting up businesses in Nigeria. The NIPC's efforts have been instrumental in improving Nigeria's ranking in the World Bank's Ease of Doing Business Index, where it moved up 15 places in 2020.
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Amid the global push for green energy solutions, Nigeria's reserves of critical minerals such as lithium, manganese and nickel are in high demand, prompting the government to release a series of initiatives that will fast-track foreign direct investment into the sector. On February 8, the Africa Finance Corporation (AFC), a pan-African multilateral development …
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Nigeria. Foreign Direct Investment (FDI): Meaning and Its Benefits FDI is an investment made in order to acquire a lasting management interest and at least 10% of equity shares in an enterprise operating in another country other than that of the investor's …
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mass withdrawal of foreign investment from Nigeria and eventual stagnation of the development of the mining industry. Thirdly, Nigeria continued to rely on the Minerals Act, (a 1946 colonial
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Minister of Solid Minerals Development, Dr. Dele Alake, has addressed global stakeholders at the "Mines and Money Conference" in the United Kingdom, assuring foreign investors interested in Nigeria's mining sector of a conducive …
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"Some foreign mining investors are not aware that Nigeria is a mining nation; we want them to come and invest in Nigerian mining as our incentives are good compared to other mining nations ...
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Foreign investors receive largely the same treatment as domestic investors in Nigeria, including tax incentives. However, without strong political and policy support, and because of the unresolved challenges to investment and business in Nigeria, the ability of the NIPC to attract new investment has been limited.
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He quoted recent reports by audit firm KPMG, which reported that mining's contribution to Nigeria's GDP rose from 0.3 per cent to 0.85 per cent last year, indicating 0.63 per cent year-on-year growth. ... Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors.
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Minister of Solid Minerals Development, Dr. Dele Alake, has addressed global stakeholders at the "Mines and Money Conference" in the United Kingdom, assuring foreign investors interested in Nigeria's mining sector of a conducive business environment and low production costs.
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While foreign investors remain essential for injecting capital and expertise, the increasing participation of local investors is a promising sign of the industry's maturation. It demonstrates a growing confidence in the sector and lays the groundwork for a more sustainable, homegrown mining ecosystem that can drive long-term economic growth.
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The minister quoted recent reports by audit firm KPMG which reported that mining's contribution to Nigeria's GDP rose from 0.3 per cent to 0.85 per cent last year, indicating 0.63 per cent ...
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The Nigerian government has recognized that the successful exploration and exploitation of its mineral resources requires both technical expertise and financial strength to a large extent can …
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The Nigerian government has shown preference to foreign investors willing to invest in Nigeria's oil and gas industry. Although American companies continue to maintain a degree of dominance of the high-end oilfield machinery market share, European and Asian suppliers are also increasing their market share mainly due to the attractive ...
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Foreign direct investment (FDI) inflows have nevertheless remained stagnant, with new FDI totaling $1 billion in 2020 as a number of persistent challenges remain. Corruption is a serious obstacle to Nigeria's economic growth and is often cited by domestic and foreign investors as a significant barrier to doing business.
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The efforts undertaken by the MSMD are already bearing fruit, as evidenced by the increasing interest from both domestic and foreign investors in Nigeria's mining sector. The Ministry is helping to unlock the immense potential of the country's mineral resources by creating a more conducive investment environment and paving the way for ...
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