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Nigeria has revoked 924 dormant mining titles immediately and invites investors to freely apply for the affected licences which will be offered on a “first come, first served” basis, its minister of mines said on Wednesday.
Alake said the action was taken to curb “licence racketeering” where companies or individuals secure titles that hold minerals of commercial value and then offer the licences to the highest bidder. Nigeria is seeking to woo investors to a mining industry that has long been underdeveloped, offering incentives such as tax waivers and full repatriation of profits to investors.
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