 Investment opportunities
In the mineral sector, the hope for commercial exploration and development has never been this bright. Ministry of Solid Minerals Development was created in 1995 for the singular reason of expanding the revenue base of the country and coming with the creation is a whole lot of incentives. Investors in the mining sector are excused from tax payment for five years, while royalty payments are deferred. To ease the investors' operations, a comprehensive data bank and unhindered transfer of capital and profit by foreign companies with a possibilities of 100 percent ownership of mining are some of the enticement many investors would find irresistible.
Agricultural and mining sectors remain the hub of Nigeria's diversification policy. In fact , the two sectors were the main sources of export earning for Nigeria prior to the discovery of oil by Shell in 1957. Nigeria was once the leading exporter of palm produce, the second largest exporter of natural rubber, in addition, Nigeria was self-sufficient in food and agro-allied raw materials.
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In the mining sector, investment opportunities abound. The Nigerian Mining Corporation,(NMC), is specifically encouraging foreign direct investment through its subsidiaries in such products as barytes, tin, quartz, feldspar, talc, gold, gypsum, lead, kaolin and zinc. The corporation favors four industrial areas of development and these areas enjoy greater incentives: The metallurgical/Engineering, Chemical/Petrol-Chemical, Forest based and agro-allied and construction sectors. In all of these areas, Nigeria currently depends on importation. Such an akward situation cannot continue. Therefore the target is total self-sufficiency. Nigeria is already pushing ahead in that direction. |
NIGERIA
