New Mining Sector Rates to Boost Business and Reforms – Alake

By Jemimah Wellington, JKNMedia Reporter

NIGERIA’S MINING sector is set to see a significant shift as new rates for licenses and permits come into effect, aiming to streamline operations and drive economic growth.

The revised fees, set after consultations with industry stakeholders, are designed to improve revenue, enhance service delivery, and curb speculation, were the words of Dele Alake, Nigeria’s Minister of Solid Minerals on X.

He also notes that, effective immediately, investors seeking a Mining Lease will pay N3 million.

Small Scale Mining Lease applicants will face a fee of N300,000 for the first two cadastral units.

Exploration Licenses will cost N600,000 for the first 100 cadastral units, while Quarry Lease and reconnaissance permits will each require a fee of N300,000.

Further noted were that, the revisions target key minerals such as lithium and gold, aiming to maximize royalties and bolster the nation’s revenue.

The changes also affect the operations of the Mining Cadastral Office (MCO) and the Nigeria Geological Survey Agency (NGSA), including processes for mineral title applications, transfers, enlargements, surrenders, and consolidations.

These new rates and regulations are expected to significantly enhance the ease of doing business in Nigeria’s mining sector, paving the way for increased economic development and a more robust mining industry, he disclosed in the statement.

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