The Federal Government has urged mining companies to integrate communities into their operations to foster good relations between the community and the company.
This was disclosed by the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite in a statement issued by his media aide, Ayodeji Adeyemi and seen by Nairametrics on Saturday.
While on a facility tour of Multiverse Mining and Exploration, Nasarawa State, the Minister enjoined the youth within the community at the mining location to take whatever opportunities the company offered. He admonished them to be hardworking and to shun criminal activities.
Adegbite 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 in such, as the sector has been given the mandate to diversify the economy, generate revenue for government and to create jobs.
On some of the incentives offered by the government, Adegbite said, “We have 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 transferability 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 Minister added 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.
“For the nation to industrialise, 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 added.
Adegbite also rallied the steel producer to support the metallurgical Industry bill. According to him, 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.
News Source: nairametrics.com
