Abubakar Bawa Bwari, Nigeria's minister of mining and steel development stated this at the 16th edition of the Mines and Money Conference in London on Tuesday, November 27, 2018.
Bwari said the government had invested so many resources in the solid mineral sector in the last three and half years.
In a statement seen by Business Insider Sub-Saharan Africa on the ministry's website, the senior official said the government has awarded N15 billion contract to five exploration companies for the exploration of priority minerals like gold, lead, zinc, iron ore and rare earth metals.
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The statement did not include the names of the mining companies.
Abubakar Bawa Bwari, Nigeria's minister of mining and steel development
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“We have just awarded a N15 billion contract as part of our Integrated Exploration Programme to five exploration companies for the exploration of priority minerals like gold, lead, zinc, iron ore and rare earth metals.”
“Delineated areas arising from these activities will be blocked and concessioned to interested mining investors,” the statement reads.
Meanwhile, in an interview with Reuters in London, Bwari said Nigeria had offered the mining companies a three to five year “tax holiday”, duty and tax-free importing of equipment, full ownership of their businesses and the ability to take profits out of the country.
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Two years ago, the government secured a $150 million in financing from the World Bank to support the development of the country’s mining sector as part of an economic diversification programme.
The minister said he is making moves for things to work out quickly.
