Nigeria’s Minister of Mines and Steel Development, Dr Kayode Fayemi, told the Africa Down Under conference in Perth last week miners would have a three-year tax holiday as the government moved to increase foreign direct investment.

The tax break would begin in line with mining operations.

A statement from the ministry said Nigeria was determined to reignite its mining industry by welcoming in the private sector, which would in turn provide development capital through financial markets.

The statement listed other mining incentives approved by the government including an exemption from customs and import duties on mining equipment.

The government was also said to be improving security to protect investments and lives of its people.(Source: Mining Journal)