nigerian mining industry - a new dawn
TRANSCRIPT
MAY 2015 NEWS ALERT
NIGERIAN MINING INDUSTRY - A NEW DAWN?
Author: Taiwo Afonja
On 1st April 2015, General Muhammadu Buhari (rtd) was declared the winner
of the presidential elections and announced as the president-elect of Nigeria.
The announcement of General Buhari as the president-elect is widely regarded
as the much needed catalyst for a change in the Nigerian economy.
Mining in Nigeria and a renewed focus on the same is clearly a priority for the
president-elect who has been recorded as stating during his campaigns, that
his administration seeks to further diversify the economy and explore viable
means of creating national wealth through mining amongst other means. At
one of such campaigns which was focused on meeting the business
community in Lagos, he made it clear that mining would be at the top of the
agenda of his government. Similarly, at a rally held in Southern Nigeria,
General Buhari reiterated his goal to develop the Nigerian mining industry and
address the unemployment of Nigerian youths, when he said, “we are banking
on huge coal deposits located at Amasiodo, Inyi and Leje axis of Enugu Coal
belt. We are going to award contracts for mining and construction of coal-fired
power plant…” These statements signify a deliberate political will for the
development of the Nigerian mining industry.
Stakeholders and would be investors should expect positive changes in the
industry under the new government as it is expected that General Buhari will
keep to his campaign promises. In keeping to his promises, it can be expected
that the new government will amongst other things, build on existing fiscal
incentives granted to the industry and address the challenges facing the
industry which include lack of adequate infrastructure to ensure that indeed,
the Nigerian mining industry reaches its full potential.
As Nigeria awaits the inauguration of General Muhammadu Buhari (rtd) as its
fourth democratically elected president on 29th May, 2015, it is hoped that a
new dawn will indeed arise and that Nigeria will take her place amongst the
international mining community.
QUALIFICATION
The contents of this news alert are meant for the general information of our
clients and friends and do not amount to legal advice. All enquiries on the
subject may be made to: Taiwo Afonja at [email protected] or Ibiwunmi
Adeyeri at [email protected]
Adepetun Caxton-Martins Agbor & Segun
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Nigeria.
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