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Uganda looking for mining investors as price of Copper hits record high

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The Ministry of Finance and Mining Uganda said on Tuesday that it was inviting investors who are interested in mining within and outside the county to revive a vast copper mine in the country’s west that also holds significant cobalt deposits.

The ministry made the disclosure in a joint statement, noting that the government was open to partnership with the private sector to revive mining.

“We have invited companies to express their interest in partnering with the government through a mineral production sharing agreement,”

“The redevelopment of Kilembe Mines will have a catalytic effect of facilitating industrialization, offer significant employment opportunities and increase revenue.”

The Kilembe Mines is Uganda’s largest copper mine, with estimated deposits of copper in excess of 4,000,000 tonnes and an undetermined amount of cobalt ore. In addition, there are approximately 2,800 acres (1,100 ha), of unexplored acreage at the site.

Since the beginning of 2022, the price of Copper has hit a record height and Ugandan President Yoweri Museveni is eager to expand the exploration of the country’s mineral wealth – which includes gold, base metals, uranium, rare piles of earth, iron, titanium, vermiculite, and diamonds – to help boost growth.

The mine began operations in 1950 and there are an estimated four million tonnes of copper ore beneath the mountains of Kilembe, located about 380 kilometers southwest of Kampala. The firm however collapsed in 1982 as the Ugandans who were put in charge of the new parastatal, Kilembe Mines Ltd, did not have the required expertise to run it.

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Nigeria’s finance ministry unveils system to monitor tax exemptions

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Nigeria’s Ministry of Finance has unveiled the Incentive Monitoring and Evaluation Platform (IMEP), a cutting-edge computer system meant to make it easier to keep an eye on the tax costs connected to import duty exemption certificates.

In a statement released on Tuesday, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said it was part of a larger plan to cut down on tax spending and make sure that fiscal policies were helping the country’s economy grow.

Edun said the IMEP was meant to change how the Federal Ministry of Finance figures out how much the tax breaks for businesses, non-governmental organizations, and foreign groups affect the economy.

Since President Bola Tinubu took office, Nigeria’s government has been trying to change the country’s fiscal and monetary policies. This has led to bold moves by both the central bank and the tax advisory committee run by Taiwo Oyedele.

Edun said the ministry wanted to improve the monitoring and review of these exemptions by putting in place a strong automated tool. He talked about how the IMEP has many useful features, such as a mechanism for clawing back duties, electronic report generation, a central database for tracking, factory geo-location tagging, industry qualification status validation, integration with many government agencies, and sending demand notices to people who don’t pay their taxes.

“One of the critical objectives of the IMEP is to provide a framework that will prevent ineligible applicants from receiving tax benefits, enforce compliance with fiscal policy measures, and offer a comprehensive analysis of the economic impact of tax incentives.

“By doing so, the ministry hopes to curb the misuse of tax expenditures, support the realisation of economic outcomes from fiscal incentives, and enhance the direct measurement of tax incentives’ effects on the economy,” he noted.

Edun says the system is meant to give a framework to checkmate and limit applicants who aren’t qualified, make sure that strict fiscal policy measures are followed, and give a strong analysis of how tax incentives affect the economy.

“Overall, the introduction of the IMEP represents a significant step towards reducing the cost of tax expenditure and ensuring that tax incentives have a positive impact on the Nigerian economy. This initiative is part of the government’s commitment to fostering transparency, accountability, and efficiency in the management of the nation’s resources,” he explained.

In December, the Nigerian Investment Promotion Commission (NIPC) said it granted three years of tax exemption to 34 companies in 2023.

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Nigeria’s inflation hits 28-year high of 33.20%

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The recent gains of Nigeria’s Naira as the best-performing currency worldwide in the last month have had little or no impact on the consumer price index in the West African country as its inflation rate reached a 28-year high of 33.20%.

According to the latest data from the National Bureau of Statistics, Nigeria’s inflation has continued its 15-month-a-row surge driven by soaring food and energy costs despite the central bank’s rate hikes aimed at halting its ascent.

This was 10.37% more than the 21.9% inflation rate seen in March 2023. Year-over-year, rural inflation was 31.45% in March 2024. Rural inflation fell from 2.9% in February 2024 to 2.87 % in March 2024, which was a 0.20 percentage point drop from February 2024.

It went up by 5.71% points from March 2023 to March 2024, when it was 19.79%. The average rural inflation rate for the twelve months finishing in March 2024 was 25.50%.

Food prices went up by 40.1% a year in March 2024, which was 15.56 percentage points more than the rate of 24.45% a year earlier. The statistics office said food and non-alcoholic beverages were the biggest contributors to the pickup in inflation. Food inflation rose to 40.01% year-on-year, from 37.92% a month earlier.

Since President Bola Tinubu ended an expensive gasoline subsidy and devalued the naira twice in his first year in office, price pressures have grown. To get the economy off of subsidies that have hurt the government’s finances, the government recently raised energy rates for people who use the most electricity.

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