The Federal Government plans to grant tax waivers on imported equipment to be used in the mining sector.

The Minister of Solid Minerals Development, DELE ALAKE, hinted this when he met with his Saudi Arabian counterpart, BANDAR ALKHORAYEF, on the sidelines of the Future Minerals Forum holding in Riyadh, Saudi Arabia.

The minister noted that the government planned to grant tax waivers on imported equipment specifically directed at the mining sector and ensure full repatriation of profit by investors.

Dr ALAKE emphasised the need to forge partnerships, stressing that the global energy transition is contingent on critical minerals, which he stated to exist in abundance in Nigeria.

He stressed the readiness of the Nigerian team to work with their Saudi Arabian counterpart to finetune specifics and map out strategies to concretise areas of collaboration within a specified time frame.

He also made a case for investment in local value addition involving the processing of solid minerals that will lead to the production and establishment of factories in Nigeria, which he noted will generate employment and have a multiplier effect on the economy.