With the recently found hobby of the Nigeria Government in Gold mining, Nigeria is set to boost their economy and provide more jobs in the country.
Nigerian President Muhammadu Buhari was presented with a locally refined Gold bar, made by Presidential Artisanal Gold Mining Development Initiative (PAGMDI) and in that same event 12.5kg of gold was purchased for N268m.
Now Nigeria’s Mining sector is predicted to provide over 500 thousand new jobs. In A statement made by Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, says Nigeria is moving to establish gold refineries in Nigeria and this will boost the efforts to create jobs, diversify the revenue base and improve foreign exchange reserves.
NIgeria before now Had lost $3 billion to illegal refining and smuggling of gold between 2012 and 2018 but now they are set to embrace those skilled refiners, empower them and properly revamp the Gold industry to suit the nations interest at large.
Nigeria gold reserves is estimated to be over 200m ounces left and this would be used effectively by developing sustainable programmes that would attract investors and enable artisanal miners with “guaranteed off-take” that would bring about mining industries and in the long run provide more jobs in the nation.
This initiative by the Nigerian Government would turn local miners into conglomerates and give them the capacity to house large number of employees and as well provide revenue for the Government. A win-win situation.