Nigeria is son its way to becoming a major gold-producing hub in the West African region, the Federal Government has declared.
According to the government, this would diversify the country’s revenue base from crude oil and create jobs for its teeming youthful population.
The Minister of Mines and Steel Development, Olamilekan Adegbite, made the declaration.
He said “Indeed, the international roads shows we have had in the past have produced fruits. Today, we have exploration in Osun State through the Segilola Gold project.
“The exploration firm is projected to start producing (gold) in the first half of next year. The project is expected to create about 400 direct jobs and 1,000 indirect jobs.”
Adegbite said the government had licensed two gold refineries that would refine gold to the London Bullion Market Association standard.
The Minister projected that a number of industries would spring up across the gold value chain.
He added, “Numerous industries will spring up when our gold economy becomes full-fledged. Some of them will include equipment leasing and repairs, logistics and transport, as gold requires a specialized means of transport, security, insurance, aggregators and so on.”
The minister noted that for the first time, the country had mined, processed and refined gold under the Presidential Artisanal Gold Mining Development Initiative for use as part of Nigeria’s external reserves.
Adegbite also state that the mines ministry had initiated a process that would lead to local capacity development in the production of barite.
“Presently, the barite that is used in the oil and gas industry is imported. But we are resolved to reverse this trend. As you may know, Barite is a critical weighting material in drilling fluids due to its high specific gravity.” He said.
The Punch, August 11, 2020
|ITPC LAGOS & NICA SUSTAINING TRADE RELATIONS BETWEEN INDONESIA & NIGERIA|
|Nigeria’s economy moving in right direction but slow|
|Lagos tops Nigeria’s investment destination with $8,304bn capital inflow|
|Forex crisis, major nightmare facing manufacturers, says MAN|
|Customs awaits directives on tariffs for goods covered by AfCFTA agreement|