PPP TODAY: Nigeria announces new rates for Mining Services

To improve business ease and streamline current changes, the federal government, acting through the Ministry of Solid Minerals Development, has established a new set of tariffs for the mining industry. The federal government's commitment to boosting revenue from solid minerals to improve service delivery and reinforce mining's contribution to economic growth was emphasized by Minister of Solid Minerals growth, Dr. Dele Alake, during a news conference in Abuja. Investors seeking a Mining Lease license will now have to pay N3 million, while those asking for a Small Scale Mining Lease (SSML) will just need to pay N300,000 for the first two cadastral units.
For the first 100 cadastral units, the cost of an Exploration Licence (EL) is N600,000. Currently, a reconnaissance permit costs N300,000, while a quarry lease costs N300,000. The new rules, which were unveiled after consulting with industry participants, were intended to curb speculative activity and alleviate the lack of funding that hindered the federal government's ability to enhance the sector's ease of doing business.

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Kudos! to the Ministry of Solid Minerals Development for the reformating and Revitalizing the sector , but more need to be done in making policies that will compel oil and other industries petronise our local product to end the importation of some minerals like Bairate which we have in a large quantity in Nigeria.