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.
Minister of Solid Minerals, Dr. Kayode Fayemi has revealed the Federal Government's plan to spend N15 billion ($42 million) over the next one year to explore minerals and attract investors into the mining sector.
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."
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.
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