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Nigeria Keen to Promote Mining
June 19, 2013 by:
Ravikumar Ambadi Points: 12
Category: World News
Nigeria, the African nation is turning towards mining industry as a part of its expansion of the sources of revenue. So far the country was mainly depending on the petroleum resources it has. The new rules favoring investment in mining sector is seen as a good sign by many giants in the industry.
Once up on a time Nigeria had atrong presence in the mining sector. Unfortunately, after the discovery of crude, mining sector got ignored by the government as well as by the business people. Presently this sector contributes only 1% of the total economy of the country.
However, the fear of oil wells being drying out made the authorities to have a second thought on improving the mining sector. According to Nigerian Mines Minister Musa Mohammed Sada, the government has already taken certain decision to boost mining. Apart from coal, Nigeria has a huge stock of Iron ore, several other minerals and gold. Now the government is thinking about exploring this huge treasure to improve the economy of the country. According to him, Nigerian government is expecting the revenue from mining sector will increase up to 5% of the total income, from the existing 1%.
Moreover, this new step will helps to improve the power situation in the country. Government thinks about generating power with coal operated generators to meet the requirement. Presently it depends on a gas reservoir and some small hydraulic power generators for power. It also has the plans to start several mineral processing industries and metal industries so that the ores from the Nigerian mines can be processed there itself and can be exported. Authorities hope that it will address the non-employment issue to some extent.
As the first step towards improving mining sector, the government has collected the data about various mines through geophysical surveys and is ready to part with the information with anybody who is interested to invest in mining. Secondly, they have come out with more investor friendly rules and regulations including duty free import of mining equipment, tax holidays and several other soaps.
Many foreign mining giants have a strong presence in Nigeria. Many of them are Australian companies who are involved in the mining of gold and iron ore. However, the government of Nigeria see more scope in industrial minerals, clay and limestone for new investors. According to them, These are the areas which have not been explored so far. There are several untapped sources in Nigeria and the government vouches that the investor will certainly get a good return for his investment.
Anyway, experts in this field are still keeping mum about the new rules and regulations. Political unrest and tribal wars which are common in Africa make everybody to think twice and thrice before taking any decision about investing there.
www.getechindia.com and other mining equipment manufacturing companies are planning new marketing strategies to make the situation in their favor
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