anchored on the need to develop a private sector led mining industry with Government restricting its role to that of an administrator / regulator. This article is intended to provide an overview of the legal/legislative framework most likely to be relevant to foreign investors considering investing in Nigeria’s mining sector.
The mining of minerals in Nigeria accounts for only 0.3% of its GDP, due to the influence of its vast oil resources. The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as salt or iron ore.
Furthermore, foreign entrants into the mining sector have been discouraged due to lack of security in these areas. A final end to terrorism in these regions, and other major areas in the country will encourage an increase in mining activities. Policy on artisanal mining Nigeria is recorded to have less than 0.5% of GDP from mining of solid minerals.
government offices in Nigeria and some web-based information/site visit undertaken to some se-lected mining operations cut across minerals types and their location in Nigeria. Further experience from other EITI countries has been collected as well as discussions with the International EITI sec-retariat in Oslo in Norway.
creation of wealth and increase in foreign exchange for Nigeria’s economy. Introduction Nigeria is an oil producing country also well endowed with solid minerals. Proven solid minerals reserves have been found in over 500 locations across the country.1 All of the 36 states of Nigeria including the Federal Capital have more than one type of mineral.
Buy Chapter PDF: ￡60 Buy the Book: ￡220 Email Tweet , The following laws, policies and regulations regulate mining law in Nigeria: - Minerals and Mining Act LFN , At the Federal level, the mining industry is.