The Nigerian Lawsmyth

Top Menu

  • Home
  • About Us
  • Legal Jobs
  • Legal Directory
  • Post Your Clients’ Property Brief
    • Add
    • Manage
  • Contact Us

Main Menu

  • Home
  • About Us
  • Legal Jobs
  • Legal Directory
  • Post Your Clients’ Property Brief
    • Add
    • Manage
  • Contact Us
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?
Register

Lost Password

Back to login

Register

Back to login
  • Home
  • About Us
  • Legal Jobs
  • Legal Directory
  • Post Your Clients’ Property Brief
    • Add
    • Manage
  • Contact Us
0

Cart

logo

  • Home
  • About Us
  • Legal Jobs
  • Legal Directory
  • Post Your Clients’ Property Brief
    • Add
    • Manage
  • Contact Us
  • The Lawyer’s Winning Secret: Why Arguments To Emotion Matter

  • Sanusi’s Suspension: Legal or Illegal – Nigeria

  • Procedure for Trademark Registration in Nigeria

  • Abandonment of Wrecked Ships on Navigational Routes in Nigeria

  • Telecommunication In Nigeria

  • Nigerian Mining Industry: Opportunities for Foreign Investors

  • Case Review: Director of SSS V. Agbakoba

Case Law ReviewLegal OpinionThe Featured
Home›Case Law Review›Nigerian Mining Industry: Opportunities for Foreign Investors

Nigerian Mining Industry: Opportunities for Foreign Investors

By j_ajitena
June 11, 2015
2264
0
Share:

By Blackfriars LLP, Nigeria .

Nigeria is endowed with numerous mineral resources such as talc, iron ore, bitumen, gold, rock salt, gypsum, lead/zinc, coal, gemstones, kaolin, tantalite, bentonite and baryte located in different parts of the country in commercial quantity

The ownership of the mineral resources is vested in the Federal Government of Nigeria as custodian on behalf of the citizens of the country. The Nigerian government has recognized that the successful exploration and exploitation of its mineral resources requires both technical expertise and financial strength to a large extent can be provided by foreign investors.

The government grants mineral titles to allow suitable investors to explore for, mine and market mineral resources. Thus the role of the government has transformed from that of ‘owner-operator’ to ‘administrator-regulator’. Applications for mineral titles and licenses are considered on a first –come, first-served basis and may be made by any investor, at any time, over any area not covered by an existing title or not otherwise reserved by the government.

An investor may enter into the mining industry in Nigeria through the acquisition of an existing mining property from the original owner however an approval must be obtained from the Ministry of Solid Minerals Development for such acquisition or by obtaining an application either for a Prospecting Right (PR), an Exclusive Prospecting Licence (EPL), or a Special Exclusive Prospecting Licence (SEPL). The application shall state the financial and technical capability qualifying the applicant for an entry into the mining sector.

In order to encourage foreign investment in the mining industry the government has put in place incentives such as grant of a three-year tax holiday to new mining companies which may be extended for one further period of two years. Mining operators are granted exemption from payment of customs and import duties in respect of plant, machinery, equipment and accessories imported specifically and exclusively for mining operations.

In addition, every holder of a mineral title is guaranteed free transferability of funds through the Central Bank of Nigeria and also permission to retain a portion of their foreign exchange in a foreign exchange domiciliary account for use in acquiring spare parts and other inputs required for the mining operation which would otherwise not be readily available without the use of such earning.

Apart from mining operations an investor may in engage in the business of importation and local marketing of modern mining equipment, modern mineral testing and quality control technologies and reagents or engage in local sales and export of crude or processed solid minerals.

For further information, please contact:

Dr. Ikechi Mgbeoji
Email: Ikechi@blackfriars-law.com
Tel: + 234 1 739 0397
Fax: +1 646 536 8978

Ms. Lasbery C. Nwaeze
Email: Lasbery@blackfriars-law.com
Tel: + 234 1 739 0397
Fax: +1 646 536 8978

This newsletter has been sent to you by BLACKFRIARS LLP, a full-service law firm, in the genuine belief that its contents would be of interest to you. If you have received this newsletter incorrectly, or if you do not want to receive further information about legal developments in Nigeria and West Africa, please accept our apologies. To unsubscribe from future newsletters from BLACKFRIARS LLP please send an email to info@blackfriars-law.com with “unsubscribe” in the subject line.

ABOUT THE AUTHOR: Ms. Lasbery Nwaeze
Ms. Lasbery Nwaeze is an Associate at Blackfriars LLP.

Copyright Blackfriars LLP
More information about Blackfriars LLP

Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.

Share this:

  • Share
  • WhatsApp
  • Facebook
  • LinkedIn
  • Twitter
  • Telegram
  • Print
  • Skype
TagsForeign InvestmentMiningNaturalNigeriaProductsSpecial Exclusive Prospecting Licence (SEPL)
Previous Article

Case Review: Director of SSS V. Agbakoba

Next Article

Telecommunication In Nigeria

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

j_ajitena

Related articles More from author

  • LawyersLegal OpinionThe Featured

    The Legal Rights Of The Child In Nigeria

    June 10, 2015
    By j_ajitena
  • Legal Opinion

    30 Websites Every Nigerian Lawyer Should Know

    June 10, 2015
    By j_ajitena
  • Legal OpinionThe Featured

    The Lawyer’s Winning Secret: Why Arguments To Emotion Matter

    March 7, 2018
    By j_ajitena
  • The Featured

    6 Great Marketing Lessons For Your Law Firm

    May 10, 2018
    By j_ajitena
  • Legal Opinion

    Sanusi’s Suspension: Legal or Illegal – Nigeria

    June 22, 2015
    By j_ajitena
  • Legal Opinion

    Abandonment of Wrecked Ships on Navigational Routes in Nigeria

    June 11, 2015
    By j_ajitena

Leave a reply Cancel reply

  • Legal Opinion

    Sanusi’s Suspension: Legal or Illegal – Nigeria

  • LawyersLegal OpinionThe Featured

    The Legal Rights Of The Child In Nigeria

  • Legal Opinion

    30 Websites Every Nigerian Lawyer Should Know

Our Instagram

Privacy & Cookies: This site uses cookies.
To find out more, as well as how to remove or block these, see here: Our Cookie Policy
  • Home
  • Pricing & Plans
  • Contact Us
  • About Us
  • About Us
  • Terms & Conditions
© Copyright 2018 African Property Direct - All Rights Reserved. Designed by The Design Park

Need help? Chat with us!