Nigeria to grant mining licenses to local companies only as the African country increasingly seeks to extract more value from its mineral deposits
Nigeria to grant mining licenses to local companies only as the African country increasingly seeks to extract more value from its mineral deposits
Nigeria’s solid mineral sector is set to undergo a significant transformation as the government plans to grant mining licenses to local companies only. This move marks a departure from the country’s long-standing practice of exporting raw materials, as African nations increasingly seek to extract mo...
In order to attract investment, Nigeria will offer a range of incentives to investors, including tax waivers for importing mining equipment. Enhanced security measures will also be implemented to ensure the safety of mining operations.
However, the granting of mining licenses will be contingent upon companies presenting a detailed plan outlining how they intend to process minerals locally.
This requirement reflects the government’s commitment to creating jobs and benefiting local communities through value addition activities.
[Edit typo.]
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Tanzania tried this sometime back. Foreign billionaires made local millionaires partners. All check boxes were ticked. Still a good idea.