According to the federal government, barite production has met the American Petroleum Institute (API) standard.
According to the report, the achievement will save the country millions of dollars in annual imports of the product.
In a statement, the Minister of Mines and Steel Development, Olamilekan Adegbite, said the government is also considering exporting barite to other African countries to generate revenue.
According to the statement, Adegbite spoke during the Belgian ambassador’s visit to the ministry.
He stated that the ministry was willing to work with Belgium to further develop the sector.
Adegbite stated that the ministry was making the sector more vibrant by fulfilling its mandate to diversify the economy away from oil, create jobs, and raise the government’s revenue profile.
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“We launched the Nigerian barite last year to demonstrate that we can produce barite that meets the API standard in our country.” This will save us millions of dollars in annual barite imports, as well as create jobs and lead to skill specialization in some specific fields. “We are also looking into the possibility of eventually exporting barite to other African countries, which would generate revenue for our country,” he said.
The Belgian envoy expressed Belgium’s interest in the sector. ‘I’m just looking to see if there’s anything,’ he explained.
Adegbite also stated that the ministry had introduced some business-friendly incentives and policies in the sector to make it more appealing to foreign investors.
“Among the incentives we’ve implemented to make the sector more appealing to investors are customs and import duty exemptions for plant, machinery, and equipment imported for mining operations.”
Tax breaks ranging from three to five years are available, depending on the circumstances. Funds can be transferred freely, and earned foreign currency can be kept and used. Capital allowances of up to 95% of qualifying capital expenditure are available. Environmental Costs Are Deductible (money meant for environmental remediation will be tax free) Mineral properties are owned entirely by the company.
