"Council approved a new bill to go to the National Assembly to replace the old law guiding mining in Nigeria. The law we are operating on now is 2007 Nigeria Mineral and Mining Law and 2007 to date is 16 years. ... "The Attorney General will be sending the bill, which is the Nigerian Minerals and Mining Act 2023 to the National Assembly ...

On Thursday 13th October 2022, His Excellency, the President of Uganda signed the new law of the Mining and Minerals bill into a law. DGSM now operates under the new Mining and Minerals Act 2022 which replaces the Mining Act 2003 which has been in force force for the last 18 years. Below are some of the Highlights in the new Mining and Minerals ...

llion tonnes in 2019 to 89.48 million tonnes in 2021. However, this only translates to an average GDP contribution of 0.15% over the period, and projected to trend around 0.34% in 2025, which is a far r. ach from the 3% target set out …

Minerals and Mining Act 2007 for the purposes of regulating all aspects of the exploration and exploitation of solid minerals in Nigeria; and for related purposes.

Nigeria's planned amendments to Minerals and Mining Act. Generate PDF. To read complete article visit African Business.

The Act vests the control, regulation and ownership of all mineral resources in the Federal Government of Nigeria (FGN). The Minerals and Mining Regulations and the National Minerals and Metals Policy also govern the sector. The erstwhile Ministry of Mines & Steel Development (MMSD) oversaw the mining sector in Nigeria, pre-2024.

The new act should therefore see some of the powers of the Nigeria Mining Cadastre Office devolved to the state level. This, advocates argue, will give the local authorities …

Nigeria is endowed with vast reserves of natural resources such as energy minerals like coal and lithium, metallic minerals like gold and lead-zinc and industrial minerals like limestone and barite. The country was a major exporter of tin, columbite and coal in the 1960s to early 1970s. However, activities in this sector nose-dived considerably ...

3 Section 267 (a) of the Petroleum Industry act 2021. 4 Section 267 (b) of the Petroleum Industry act 2021. 5 Section 92 (1) od the PIA 2021. 6 Section 92 (20) of the PIA 2021.... 7 Section 10 of the PPTA was amended by inserting paragraph (n). 8 Section 233 (12) of the PIA 2021. 9 Section 30 of the PPTA was amended. 10 PIA 2021.

Regulatory Framework for Marginal Fields Under the PIA. The Petroleum industry Act ("PIA") which came into effect on 16 August 2021 has introduced a new institutional, regulatory and fiscal framework for Nigeria's petroleum industry.One of the key changes is a new acreage management system, which effectively reduces the size of …

The newly enacted Petroleum Industry Act, 2021 (PIA) provides for the overhaul of the institutional, regulatory and fiscal framework for Nigeria's petroleum industry. ... 10 years ago, the firm focuses exclusively on delivering bespoke legal advisory services to businesses and projects in Nigeria's energy, infrastructure and mining …

Nigeria's Petroleum Industry Act (PIA) 2021, which was recently signed into law, is one of the most audacious attempts to overhaul the petroleum sector in Nigeria. The Act seeks to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry. Despite being a major source of revenue, the oil sector lags other ...

One of the key changes is that the law will give local governments the impetus to crack down on illegal mining by devolving responsibility from the federal to the state level of government. "The 2007 act is very federal government-centric, so essentially the powers and ownership of mineral rights under the act rest with …

Consequently, existing holders of Oil Mining Licenses and Oil Prospecting Licenses will continue to be taxed according to the provisions of the Petroleum Profits Tax Act (PPTA), unless they execute a conversion contract in accordance with the provisions set out in the Petroleum Industry Act 2021.

According to KPMG, the Federal Executive Council on April 5, 2023, approved a draft amendment of the Nigerian Minerals & Mining Act ("the Act"), 2007 – …

(2021: 0.63%), representing a 32% year on year growth over 20212. Interestingly, the Sector has witnessed ... approved a draft amendment of the Nigerian Minerals & Mining Act ("the Act"), 2007 - the principal legislation regulating the mining of …

RIFICATION ON THE IMPLEMENTATION OF THE VALUE ADDED TAX (VAT) ACT This circular is issued for the information and guidance of the general public, taxpayers and tax. ractitioners in line with the provisions of the Value Added Tax Act. The circular a. nformation Circular 2021/08 of 3rd June 2021. 1.0 Introduction The Finance Act,

Children in Nigeria are subjected to the worst forms of child labor, including in commercial sexual exploitation and use in armed conflict as well as quarrying granite and artisanal mining. (1) Table 1 provides key indicators on children's work and education in Nigeria. Data on some of these indicators are not available from the sources used ...

Hence, the enactment of the Petroleum Industry Act, 2021 by the 9th National Assembly of Nigeria and its further signing into law by President Muhammadu Buhari on the 16th day of August 2021. This article therefore, by way of a historical comparative appraisal, evaluates the fairings of marginal field operators hinged on the …

The mining sector is governed by the Nigerian Minerals and Mining Act 2007. The sector is primarily regulated by the Ministry of Mines and Steel Development and the Mining Cadastre Office. ... In 2021, Nigeria became a participant in Opening Extractives, a global five-year programme that aims to improve the availability and use …

The newly enacted Petroleum Industry Act, 2021 (PIA) provides for the overhaul of the institutional, regulatory and fiscal framework for Nigeria's petroleum industry. Amongst the key changes introduced by this reform legislation is the new licensing and fiscal regime for upstream operations. However, Oil Prospecting Licences (OPLs) and Oil ...

In this concluding part of our series examining the Petroleum Industry Act (PIA) 2021, we take a look at the provisions made for host communities under the Act. We also highlight funds established under the Act as well as other general provisions relating to customer protection, natural gas price for strategic sector, etc. in the

The Nigerian Minerals and Mining Act 2007 (the 'NMMA' or the 'Act') Enacted by the National Assembly pursuant to its constitutional mandate, the NMMA is the principal law governing the mining sector. It is the primary sectoral law which also vests ownership and control of mineral resources in the FG, to hold and manage same on …

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81. Petroleum mining leases. 82. Exclusive right to conduct operations. 83. Confidentiality. 84. ... PETROLEUM INDUSTRY ACT, 2021. AN ACT TO PROVIDE LEGAL, GOVERNANCE, REGULATORY AND FISCAL FRAMEWORK FOR THE NIGERIAN PETROLEUM INDUSTRY, THE DEVELOPMENT OF HOST …

Introduction. Petroleum Industry Act (PIA) 2021 was signed into law by the Nigerian President on the 16th of August 2021. Several attempts in the past decade was unsuccessful. Nigeria lost $50 billion worth of investment in 10 years (Press) Major oil producers are converting to clean energy. Mixed reactions - usual.

The Finance Act of 2021 is the bill passed into law on the 31st of December 2021 by the President of the Federal Republic of Nigeria. ... Mining Oil and gas Power and utilities Technology, information, communication and entertainment. Menu. Industries. ... Download Nigeria's Finance Act 2021 Download the Finance Act of 2021 signed to law on 31 ...

The Nigerian Minerals and Mining Act is the principal legislation that regulates the sector. The Act vests the control, regulation and ownership of all mineral resources in the Federal Government of Nigeria (FGN). The Minerals and Mining Regulations and the National Minerals and Metals Policy also govern the sector.

Mining Operation in Nigeria. With plans to revise the Nigeria Minerals and Mining Act (NMMA), the Nigerian government has taken the first step towards restoring its mining sector to its former glory and beyond. A little history. The Nigerian land is blessed with outstanding mineral reserves. Until 1967, the country was a major exporter of coal ...

The PIA altered the administration of taxes and the payment of fees and levies in the Nigerian Petroleum Industry and makes changes aimed at encouraging investment in ... companies with a Petroleum Mining …