Economy

FG Strengthens Solid Minerals Policy to Boost Investment

Published

8 months ago

February 25, 2026

Q Tinny

FG strengthens solid minerals policy to attract global investment, improve governance and enhance Nigeria’s competitiveness in mining

The Federal Government of Nigeria on Wednesday said it is strengthening policy and regulatory frameworks in the solid minerals sector to attract global investment and improve the country’s competitiveness in mining, as part of broader reforms unveiled in Abuja.

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Permanent Secretary of the Federal Ministry of Solid Minerals Development, Faruk Yabo, made the disclosure during a stakeholders’ workshop convened to assess Nigeria’s compliance with the African mineral governance framework.

Faruk Yabo said the engagement represents a critical integration platform for Nigeria as it seeks stronger participation in continental and global mining ecosystems.

Faruk Yabo explained that the workshop brought together representatives from government institutions, the private sector and academia to deliberate on the future direction of the sector.

The permanent secretary noted that strengthening regulatory systems would enhance access to financing, facilitate technology transfer and boost investor confidence.

Faruk Yabo added that credible sectoral data and improved governance standards would position Nigeria competitively among African mining nations.

The permanent secretary said fair lending mechanisms and sound policies are central to establishing systems capable of attracting sustainable financing into the sector.

Faruk Yabo stated that compliance with environmental standards remains a priority, emphasising that responsible mining practices would underpin long-term growth.

The permanent secretary described the reforms as transformative and essential to restoring confidence in the industry.

Faruk Yabo also commended development partners, including the African Union and the French Development Agency, for supporting Nigeria’s reform agenda.

Head of the African Minerals Development Centre, Tunde Arisekola, said the assessment forms part of technical services provided by the African Union to evaluate member states’ compliance with agreed continental mining development pillars.

Tunde Arisekola disclosed that preliminary findings indicate Nigeria is performing strongly in geological data management and transparency frameworks.

Tunde Arisekola, however, identified Artisanal and Small-Scale Mining as an area requiring further improvement, citing the significant number of Nigerians operating within the segment.

The official said efforts would focus on organising, training and retraining artisanal miners to ensure greater benefits from mining activities, while scaling up existing institutional structures.

The assessment forms part of ongoing engagements between Nigeria and the African Union aimed at strengthening governance, transparency and investment readiness within the solid minerals sector.

Also read: FG Assures Mining Investors of Strong Asset Protection

The Federal Government strengthens solid minerals policy at a time when global competition for mining investment is intensifying, signalling a renewed commitment to unlocking the sector’s vast potential.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

7 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.