The Nigerian government has recently announced a new set of rates within the mining sector, with the aim of enhancing the ease of conducting business and reinforcing ongoing reforms. Segun Tomori, the special assistant on media to the Minister of Solid Minerals Development, Dele Alake, disclosed this information in a statement on Thursday.
Mr. Alake elucidated that the review underscores the federal government’s dedication to increasing revenue from solid minerals, in order to improve service delivery and reinforce the contribution of mining to economic development. The new regime encompasses fees for various licenses and permits, with the objective of simplifying the process while also augmenting revenue generation.
As per the new rates, individuals applying for a Mining Lease (ML) licence will now be required to pay N3 million, while Small Scale Mining Lease (SSML) applicants will be subject to a fee of N300,000 for the first two cadastral units. Additionally, the cost of obtaining an Exploration Licence (EL) has been established at N600,000 for the first 100 cadastral units, with the Quarry Lease (QL) now carrying a fee of N300,000. The new regulations also include a reevaluation of the annual service fees, which have been increased for various permits and licenses.
These regulations have been implemented following consultations with industry players, and seek to discourage speculation and address the scarcity of funds, which have hampered the federal government’s ability to enhance the ease of doing business in the sector.
The statement also outlined new royalty rates for different types of minerals, including lithium and gold, with the goal of bolstering the nation’s revenue base and making a substantial contribution to economic development.
The Minister confirmed that the new rates regime is now in effect, and comprehensive details will be published on the Ministry’s website.
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