Connect with us

News

FG To Establish Gold Refineries

Published

on

Tobi Adebayo 

President Muhammadu Buhari has reaffirmed his administration’s commitment to establish gold refineries in Nigeria.

Buhari stated this at the official presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) on Thursday.

He also said improved gold mining operations in the country will generate no fewer than 250,000 jobs and over $500m annually in royalties and taxes to the Federal Government.

‘‘With the implementation of the PAGDMI scheme which will result in the set-up of accredited gold buying centres across key mining areas, artisanal miners and SMEs engaged in mining will be able to capture the value of their work.

‘‘These operations will help in diversifying our revenue base. The sale of gold by artisanal miners and SMEs at accredited centers will help the government in realizing royalties and taxes from the sale of these assets.

READ ALSO: Insurgency: Pakistan Pledges Military Support For Nigeria

‘‘These developments will also help in improving our foreign reserves by enabling the Central Bank of Nigeria to increase the amount of gold in its reserves.

‘‘These gold assets which will be purchased in Naira, will not only help to bolster our international reserves, it will also provide a hedge against inflation and other economic volatilities associated with foreign currencies that are held in our reserves,’’ the President said.

President Buhari noted that in addition to the potential revenue gains that will occur from mining operations, efforts are being made to enable the setting up of gold refineries in Nigeria.

He expressed optimism that these measures would lead to the creation of additional job opportunities across the gold value chain and also help the nation capture the additional value created from the gold refining process.

Facebook Comments

Copyright © 2020 AN24.net