Nigeria
Legislation
- Minerals and Mining Act 2007
- Minerals and Mining Regulations 2011
- Environmental Impact Assessment Act 1992
Regulatory Risk Rating
Regulatory Risk
Regulatory Corruption Risk
Regulatory Corruption Risk
Corruption Exposure Risk
Corruption Exposure Risk
| Regulatory Risk Rating Factors | Risk Level |
|---|---|
| 1st Come / 1st Serve | Subscribe |
| Application Criteria | Subscribe |
| Duration | Subscribe |
| Right to Renew | Subscribe |
| Competing Licences | Subscribe |
| Mineral Coverage | Subscribe |
| Right to Mine | Subscribe |
| Criteria for Mining Rights | Subscribe |
| Tenure | Subscribe |
| Surface Rights | Subscribe |
| Government Take | Subscribe |
| Transfer Rights | Subscribe |
| Change of Control | Subscribe |
| EIA Process | Subscribe |
| Power to Revoke | Subscribe |
| Age of Legislation | Subscribe |
| Other Factors | Subscribe |
The Nigerian legal framework is the offspring of a well-intentioned draftsperson having sufficient industry experience to craft a reasonable path to production, but having insufficient knowledge to avoid a couple of embedded errors that will likely require amendment in order to operate effectively in practice.
Contents
Legislation
- Minerals and Mining Act 2007
- Minerals and Mining Regulations 2011
- Environmental Impact Assessment Act 1992
Regulatory Risk Rating
Regulatory Risk
Regulatory Corruption Risk
Regulatory Corruption Risk
Corruption Exposure Risk
Corruption Exposure Risk
Overview
Nigeria has a vast range of unexploited mineral resources, however, not all minerals are available in commercial quantities and the country’s true mineral potential is somewhat unknown, as little modern exploration has taken place. This is largely due to the dominance of the oil sector in attracting available risk capital, as well as government policy focus. According to the World Bank the mining of minerals in Nigeria has accounted for less than 0.5% of GDP in recent years, though the government is targeting growth up to around 3% of GDP by 2025. In pursuit of this aim, Nigeria revamped its mining law in 2007 and, again in 2011, with the aim of diversifying its economic and the Ministry of Mines and Steel Development has designated seven strategic minerals for priority development, namely, coal, bitumen, limestone, iron ore, barites, gold and lead/zinc.
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