Nigeria has approved a three-year tax holiday for new mining companies as part of incentives to attract investments to the sector, the News Agency of Nigeria reported on Monday.
Citing the country's Minister of Mines and Steel Development Diezani Alison-Madueke, the report said the tax holiday was to enable the companies
to stabilize for a period of three years before they start paying tax, beginning with the accumulated three year tax.
Alison-Madueke was attending an investment forum on Sunday in Beijing, China.
The minister, who described the Nigerian solid minerals sector as a virgin territory, listed other new investment friendly legislations and policies to include the reduction of company tax from 35 percent to 30 percent, and capital gain tax from 20 percent to 10 percent.
Other incentives are exemption from payment of import duty related to mining-related plant, machinery and equipment, as well as remittance of
foreign capital in the event of sale or liquidation of mining operations.
The minister said issues like environmental impact assessment, taxation, work permit and immigration would be addressed uniformly.