The minimum time to obtain mineral export permits in Nigeria is set to improve from 14 working days to 2 working days when the new ‘Export Guidelines for Solid Minerals’ becomes operational in the second quarter of 2019.
The “Export Guidelines for Solid Minerals: Procedures and Documentation Requirements for Ease of Doing Business in Nigeria” document will also address the lapses in processing exports and facilitate the capture of accurate data on mineral exports.
According to the Minister of state for Mines and Steel Development Abubakar Bawa Bwari, “The whole export circle from inspection at source to shipment will now take16 days, instead of the current 46 days.
The guideline “Will also plug revenue leakages, by ensuring repatriation of export proceeds and payment of royalties; thereby boosting government revenue from royalties by 50%; from the current 2.9 billion to 4.5 billion in the very first year.
The minister stated that the Ministry of Mines and Steel Development and Federal Ministry of Finance (FMF) have conducted the appropriate stakeholders’ consultative forum and are arranging to hold a final sensitization workshop for stakeholders in the first quarter of 2019.
“Implementation of the document is expected to commence by the second quarter of this year.”
The project is driven by the Home Finance Department of the Federal Ministry of Finance and the Investment Promotion and Mineral Trade Department of the Ministry.
“We are excited about the coming on stream of this document and we expect that its introduction will make the mineral export process transparent, less cumbersome and timely: thereby creating a win-win situation for government and exporters alike,” the minister said.
