FG to spend N15b on exploration of minerals, says Fayemi

Minister of Solid Minerals, Dr. Kayode Fayemi has revealed the Federal Governments 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.

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."