The Nigerian Government is in the process of revising the fees associated with mining licences and other charges applicable to mining operators within the country. This development was disclosed by the Minister of Solid Minerals Development, Dele Alake, during a meeting with stakeholders from the mining industry in Abuja.
The objective of this decision is to foster a more conducive environment for mining operations in Nigeria, with the added benefit of increasing government revenue. Minister Alake underscored the significance of this review, asserting that it is pivotal for the effective restructuring of the mining sector. He further implored stakeholders to extend their support to this initiative.
During the meeting, the Minister elucidated that the recent revocation of dormant mining licences was executed in accordance with established procedures and legal frameworks. Affected operators will have a 30-day window to pay a restitution fee, the amount of which will be contingent on the type of licence that has been revoked.
As per News Central, the restitution fees for revoked dormant licences will amount to N10 million, £7.5 million, £5 million, and £2.5 million for mining licences, small-scale mining licences, exploration licences, and quarrying licences, respectively.
The Director-General of the Mining Cadastral Office and chairman of the fees review committee, Engr. Obadiah Nkom, divulged that the committee has put forth new rates aligned with regional and international standards, with the aim of enhancing the financial stability of the mining sector.
Dele Ayanleke, President of the Miners Association of Nigeria, conveyed his gratitude for the Minister’s attention to the mining sector. While expressing solidarity with the ongoing reforms, Ayanleke also urged the Minister to consider the financial challenges encountered by miners and ensure that the revised rates remain within an affordable range.