Stakeholders in Nigeria’s mining sector are rejecting the government’s recent implementation of higher fees and royalties.
Key points from the joint press conference include:
– The Minister of Solid Minerals Development announced the new rate hike for 268 items in the mining industry, sparking strong opposition from stakeholders.
– President Olatunji warned that the industry could face collapse if the government fails to conduct a thorough review.
– The lack of consultation regarding the new rates and the need for proper coordination among mining outfits were highlighted.
Additionally, the stakeholders are urging the Nigerian government to:
– Declare all regulations by sub-national entities in the mining sector as illegal
– Instruct the Solid Mineral Development Fund to take over the management of 2.5 billion warehouses with Bank of Industries, providing single-interest loans to stakeholders in the sector.
The pushback against the rate hike by Nigerian mining stakeholders reflects growing concern about the future of the industry. The response of the government to these calls for action is still uncertain.