Nigerian Mining – Progress, but still a long way to go
Globally, the mining industry is experiencing a boom as there is an increase in the need of critical minerals and new mining technologies, the Nigerian Mining is not left out in this …
New Licensing Regimes under the Petroleum Industry Act (PIA) 2021 …
Termination of Employment in Nigeria: Legal Considerations for Employers. What the Electricity Act 2023 Means for the Electricity Market and Stakeholders in Nigeria. Better Late than Never: Nigeria Finally Passes the Data Protection Act; Trademarks in Nigeria: Registration, Infringement and Enforcement
Nigeria: Petroleum Industry Act, 2021: The Road To Compliance …
The Petroleum Industry Act, 2021 (PIA or "the Act") was signed into law in August 2021. The PIA introduces significant changes to the legal and governance framework, administrative processes, regulatory and fiscal terms, and host community engagements in the oil and gas industry.
Shell to Exit Nigeria's Troubled Onshore Oil After Nearly a Century
The British major will sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion, it said in a statement, while the buyers will make an additional ...
Nigeria: The Nigerian Guide On Relevant Changes To The Fiscal
Introduction. On 16 th of August 2021, the long-awaited Petroleum Industry Act 2021 2 ("PIA" or "the Act") was assented and signed into law by President Muhammadu Buhari. 3 The presidential assent of the PIA came after over 20 years of deliberations at the National Assembly level.. With its enactment, the PIA became the principal Act for the …
A Guide to Navigating Legal Regime in the Mining Sector
Section 21 of the Act empowers the Minister to make regulations in order to give full effect to the provisions of the Act. As such, the Nigerian Minerals and Mining Regulations 2011 (the '2011 Regulation') was created by the Minister on 13 th May 2011 to further streamline the provisions of the Act including issues regarding the process of …
Nigeria: The Petroleum Industry Act, 2021 – What Are The
Acquiring and divesting ownership title in upstream oil and gas assets ("M&A Transactions") are regulated in Nigeria by the Petroleum Act, 1969 ("Old Act") and the recently passed PIA. It is important to note that the …
Funding, legal reforms, security, key for Nigeria's mining sector
The Nigerian mining sector also witnessed growth in its contribution to the Nation's GDP," KPMG said. "The sector contributed 0.85 percent in 2022 and 0.63 percent in 2021, representing a 32 percent year on year growth over 2021. Interestingly, the Sector has witnessed sustained growth in the GDP over the last five years.".
Nigeria: Review of Nigeria's Mining Act Underway
He said the mining sector features prominently in the National Development Plan 2021 to 2025, as approved by the Federal Executive Council about a week ago. ... The Nigerian Mineral and Mining Act ...
Mining reforms to bring more power to state authorities in Nigeria
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 …
Nigerian Mining Sector Watch
(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 solid minerals in Nigeria. The
Nigeria's Ministry of Finance issues VAT (Modification) …
Nigeria. Exempt Services Previously, services rendered by Community Banks, People's Bank and Mortgage Institutions were VAT exempt. The Order replaces "Community Banks" and "People's Bank" with "Unit Microfinance banks", defined as banks categorised by the Central Bank of Nigeria as Tier 1 or Tier 2 Unit Microfinance Banks.
2021 Findings on the Worst Forms of Child Labor: Nigeria
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 ...
International Labour Organization
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Federal Republic of Nigeria Official Gazette
Petroleum Industry Act, 2021 2021 No. 6 A 119 Federal Republic of Nigeria Official Gazette No. 142 Lagos — 27th August, 2021 Vol. 108 ... prospecting licence or oil mining lease to petroleum mining lease. 93. Relinquishment upon …
Nigeria: Review of Nigeria's Mining Act Underway
Towards ensuring growth and investment in the mining sector, the federal government has announced that the amendment of the Nigeria Minerals and Mining …
Licensing in the Upstream Oil and Gas Sector in Nigeria
The Petroleum Industry Act ("PIA") 2021 which was signed into law in August 2021 effectively repealed the Petroleum Industry Act 2004 The new PIA established the Nigerian Upstream Petroleum Regulatory Commission ("NUPRC") which replaced the Department of Petroleum Resources ("DPR"), the agency formerly responsible for …
ACT, 2007 MINING IN NIGERIA –THE NIGERIAN …
MINING IN NIGERIA –THE NIGERIAN MINERALS AND MINING ACT, 2007 "For long, West Africa has been a destination of choice for mining executives the world over, with countries like Burkina Faso, Ghana, Ivory Coast and Niger being actively explored and mined. N ow, Africa's most populous nation, Nigeria,
Local Content Requirements in Nigeria's Extractive Sector and …
Nigerian Minerals and Mining Act: In Nigeria ... extractive industries in Nigeria " (2021) 8 / 1 The Extractive Industries and Society 443. 66 See NOGICDA, secs 2 and 3. 67 Id, secs 4 and 12.
Nigeria: The Petroleum Industry Act, 2021 – What …
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 …
Nigeria
Following the enactment of the Petroleum Industry Act 2021, holders of a Petroleum Prospecting Licence and Petroleum Mining Lease will be subject to both CIT at 30%, and Hydrocarbon Tax (HCT). HCT rates are as follows: 30% for converted/renewed onshore and shallow offshore Petroleum Mining Lease.
Nigeria: The Petroleum Profits Tax Act, The Petroleum Industry Act …
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.
Nigerian Mining – Progress, but still a long way to go
Nigerian Mining – Progress, but still a long way to go. In this publication we do a macroeconomic review of the Nigerian mining sector, look at mining and ESG and also review the mining regulatory framework. We also highlight some of the achievements of the previous administration in this sector and how well the mining roadmap has been ...
THE NIGERIAN GUIDE ON RELEVANT CHANGES TO THE …
Introduction . On 16 th of August 2021, the long-awaited Petroleum Industry Act 2021 ("PIA" or "the Act") was assented and signed into law by President Muhammadu Buhari. The presidential assent of the PIA came after over 20 years of deliberations at the National Assembly level. With its enactment, the PIA became the principal Act for the regulation …
Nigerian Mining Progress, but still a long way to go.
the local mining industry, the Federal Government of Nigeria has begun legal, regulatory, institutional, and fiscal reforms for the mining sector. Key initiatives in this regard include …
Nigeria: Federal Government Issues VAT (Modification) …
the VAT Act by expanding the list of exempt goods and services and updating the definition of some terms to ensure consistency with the amendments introduced to the VAT Act by the Finance Act, 2020. Highlights of the 2021 Order Include: 1. Expansion of goods exempt in Part I of the First Schedule to include the following: Petroleum products
Analysis of the Legal aspects of Mining in Nigeria
The Mining Act. The Mining Act is Nigeria's major legislation governing the mining sector. It regulates all aspects of the exploration and exploitation of solid minerals in Nigeria. The Mining Act also provides that all lands in which minerals have been found in commercial quantities shall be acquired by the Federal Government in accordance ...
SUMMARY OF FEATURES OF PETROLEUM INDUSTRY ACT 2021 …
The Petroleum industry Act (PIA) was officially signed into law on the 16 of August 2021 by the President of Nigeria. The Act provides for legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of Host Communities and related matters. It contains 5 Chapters, 319 Sections and, 8 Schedules …
THE LEGAL AND REGULATORY FRAMEWORK FOR …
15 SS.30(1) and 85(1) Minerals and Mining Act, 1999: a right of preemption in the minerals discovered, won, obtained or processed is reserved to the Federal Government. Under S.30 (2) of the Act, minerals discovered during prospecting operations may only be removed with the consent of the Minister.
The Petroleum Industry Act
2021 and 2.9% in 2022, partly based on an expected recovery in crude oil prices and Nigeria's production. Despite being a major source of revenue, the oil sector lags other sectors in terms of GDP contribution. The relative importance of the oil and gas sector in Nigeria appears to be declining, from 13% of Nigeria's GDP in