The Nigerian government has announced a significant increase in royalties, fees, and levies for those operating in the country’s minerals and mining industry.
This was disclosed by the Minister of Solid Minerals Development, Oladedele Alake, during a media briefing in Abuja on Thursday.
Alake stated that the old rates were obsolete and did not reflect the substantial technological and infrastructural investments the country has made in recent years to facilitate and enhance mining operations.
“The increase is not arbitrary. We ensured that all stakeholders were involved in the process,” he stated.
The new rates represent a hike ranging from 50% to 100% of the previous fees.
He said the adjustment aims to align the fees with the current economic realities and ensure the sector’s growth and profitability are sustained.
