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Nigeria (FREE SAMPLE)

Legislation

  • Minerals and Mining Act 2007
  • Minerals and Mining Regulations 2011
  • Environmental Impact Assessment Act 1992

Regulatory Risk Rating

Moderate
Regulatory Risk

Regulatory Corruption Risk

Low
Regulatory Corruption Risk

Corruption Exposure Risk

Moderate
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

Moderate
Regulatory Risk

Regulatory Corruption Risk

Low
Regulatory Corruption Risk

Corruption Exposure Risk

Moderate
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

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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Regulatory Bodies

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Key Features and Development Considerations

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EIA Process & Environmental Considerations

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