setting up of a stone quarry in nigeria

Quarry business is a highly lucrative business, although capital intensive. The quarry business is an important sub-sector in the Nigerian construction industry. Buildings for shelter, road for transportation and others are everyday necessities; hence this business can never run out.

Upon incorporation, the following are the (2) post-incorporation requirements for setting up a quarry business in Nigeria: 1. Registration with the Federal Inland Revenue Service (FIR) Although a Tax Identification Number (TIN) is assigned to a company upon incorporation by the Corporate Affairs Commission.

Indeed, urbanization and industrialization continue to expand, and so is the demand for quarry products like granite, line, and aggregates. Anyone thinking of establishing a quarry in Nigeria, however, needs to know the market dynamics to identify opportunities and growth areas.

The primary laws regulating the operating of quarry business in Nigeria are contained in the following legislations: i. Land Use Act 1978 ii. Nigerian Mineral and Mining Act 2007 iii. National Environmental (Quarrying and Blasting Operations) Regulations, 2013. Note that there are other regulations applicable in the quarry business in Nigeria.

Fortunately, Nigeria is blessed with this raw material and has it in commercial quantity. Hence, supply is not a problem and this takes off the stress of looking for the raw materials needed for the quarry business. Nigeria is endowed with granite stone and other solid minerals such as Marble, Dolomite, Basalt, etc.

Quarrying activities are governed in Nigeria by the Nigerian Minerals and Mining Act, and businesses interested in using it must comply with the provisions of the Act to operate legitimately. These include all necessary documentation – exploration license – mining leases, and environmental approval depending on the scale and nature of the project.