By Multiverse on Mar 03 in News.

The Honourable Minister of Mines and Steel Development, Olamilekan Adegbite has urged mining companies in Nigeria to integrate their host community into their operations.

The Minister said such policy will foster good relations between the community and the company operating in their vicinity.

Adegbite gave the charge during his facility tour of Multiverse Mining and exploration Company’s Mines in Nasarawa State. He also enjoined the community youths at the mining location to take whatever opportunities the company offered, admonishing them to be hard working and to shun criminal activities.

It may be recalled that the Minister in the last one month has been on a tour of several mining and steel companies across the country to lend support to them and to inspect the level of work going on, as the sector has been given the mandate to diversify the economy, generate revenue for government and to create jobs.

A statement by his Special Adviser on Media, Mr. Ayodeji Adedeji further explained that Adegbite unveiled some of the incentives the Federal Government has for the sector during his tours of these companies.

“Indeed the ministry of Mines and steel development has provided a number of incentives to businesses and investors to spur growth in the sector. Some of the incentives include: waiver on Customs and import duties for plant, machinery and equipment imported for mining operations.   “Tax holidays of between three to five years for businesses as applicable. Free transfer-ability of funds and permission to retain and use earned foreign exchange. Capital allowances of up to 95% of qualifying capital expenditure. Deductibility of Environmental Costs (money meant for environmental remediation will be tax free) and 100% ownership of mineral properties” the statement added.

Similarly, during his tour of Premium Steel and Mines Limited, Warri Delta State, the Minister said that the nation’s Steel industry when fully developed would drive Job growth in the economy, while he rallied the nation’s steel producers to go into the production of flat sheet which is vital for the development of the sector.  In his words, “For the nation to industrialize, we need to produce flat sheet, which is the ultimate goal of the sector.  With flat sheet we can produce many things like engine blocks, vehicle bodies etc.’”.

He also rallied the steel producer to support the metallurgical Industry bill. Adegbite noted that the bill when enacted into law would assist in establishing programmes that would aid the private sector to operate optimally, producing competitive high-quality products for both local and international market.

While also on a facility tour of Segilola Gold Project, in Osun State, the minister said the Federal Government is poised to support mining company to grow the economy and to create jobs for its citizens. “We want to make Nigeria a major gold producing hub in Africa and this is why the administration of President Buhari has given so much support to this sector to ensure that we diversify our economy away from oil”, he stressed.

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