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Nigeria Woos Mining Investors With Tax Holiday

by Lorys Charalambous, Tax-News.com, Cyprus

12 September 2016


Nigerian Minister of Mines and Steel Development Kayode Fayemi has offered a three-year corporate tax holiday to prospective investors in the country's mining sector.

Speaking at the opening session of the recent Africa Down Under Conference in Perth, Australia, Fayemi indicated that the tax break would start from the date that the investor commenced mining operations in the country.

He also listed other incentives approved by the Federal Government for investors in Nigeria's mineral and mining sector, including an exemption from import duties on mining equipment. He confirmed that mining companies could be wholly owned by foreign investors.

As part of the country's move away from reliance on its oil sector, Fayemi added that "Nigeria is determined to build a world class minerals and mining ecosystem designed to serve targeted domestic and export markets."

TAGS: tax | business | Niger | Nigeria | mining | corporation tax | tax breaks | import duty | Africa

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