The Nigerian federal government has raised mining permit fees to improve sector efficiency and competitiveness. Key fees include mining leases at N3 million, exploration licenses at N600,000, and penalties for late renewals also increased. The fee adjustments coincide with enhanced services within the sector, supported by the Minister of Solid Minerals Development’s vision for economic consolidation.
The federal government of Nigeria has implemented significant increases in mining permit fees to enhance efficiency and international competitiveness in the sector. Key changes include mining leases costing N3 million, reconnaissance permits at N300,000, exploration licenses at N600,000, and small-scale mining licenses at N300,000. Additionally, annual service fees have been adjusted, with cadastral units at N31,500 and mining leases at N1.25 million. Following the adjustments, penalties for late renewals have also risen, with reconnaissance permits now set at N600,000 and mining leases at N3 million. Royalty rates for minerals like gold and lithium have doubled, reflecting an effort to align costs with improved service offerings through systems like the EMC+ Portal and an integrated geological database. Minister of Solid Minerals Development, Dele Alake, justified these changes as necessary to ensure those benefiting from mining also contribute fairly to the sector’s resources. This decision is a crucial part of the ministry’s seven-point agenda aimed at both consolidation and boosting effectiveness in the mining industry.
Recent developments in Nigeria’s mining sector have led to the federal government seeking ways to improve economic viability and global competitiveness. The government’s initiative includes revising permit fees and service charges, which are part of broader reforms designed to enhance the mining infrastructure and efficiency. The Ministry of Solid Minerals Development has been active in making these adjustments to promote a better investment environment while ensuring that stakeholders contribute to the cost of service improvements.
In summary, the Nigerian federal government’s hike in mining permit fees and service charges is aimed at enhancing operational efficiency and ensuring fair contributions from miners. The adjustments are part of a larger strategy to position the mining sector competitively on a global scale and support the government’s economic goals.
Original Source: www.thisdaylive.com