UNDERSTANDING FOREIGN INVESTMENT REGULATIONS IN NIGERIAN MINING INDUSTRY

Abstract

The Nigeria’s investment law regulates investment into all sectors of the economy. To appreciate the governing laws for foreign investment in the Nigerian mining industry, one need to study both the investment as well as the mining regulations.  The  objective  of  this  study  is  to  provide  a  guide  to  the  understanding  of  Nigeria’s  investment regulations  in  the  mining  industry  so  as  to  help  foreign  investors  have  an  informed  decision  before  venturing  into the  industry.  It  also  aims  at  pointing  out  the  prospects and challenges of Nigeria’s investment regulations in the mining  sector  so  as  to  guide  policy  makers  in  making  policies  that  will  attract  foreign  investors.  The  analytical method  of  research  is  adopted  and  both  primary  and  secondary  data  were  employed  for data  collection.  The findings  of  the  study  show  that  good  and  adequate  investment  regulations  in  the  mining  industry  are  available  in Nigeria but the  performance of the  relevant regulatory  agencies in enforcing the  law is  below average, hence, the need to empower the  agencies more; financially and technically. There is also need for  the  Ministry  of Mines and Steel  Development  to  exercise  its  supervisory  powers  over  the  relevant  agencies  and  to  collaborate  with  other ministries and States for the actualization of a better investment environment in the mining industry.