Plan To Establish Gold Refineries In Nigeria

President Muhammadu Buhari has reaffirmed his administration’s commitment to establish gold refineries in Nigeria, saying that improved gold mining operations in the country would generate no fewer than 250,000 jobs and over 500million dollars annually. According to President Buhari, this laudable initiative would support efforts at creation of jobs for Nigerians, diversifying the revenue base, and improving foreign exchange reserves.

While reiterating the determination of the Federal Government to combat illegal mining activities, the president expressed concern that Nigeria lost close to three billion dollars from 2012 – 2018 due to illegal smuggling of gold.

“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 centres will help the government in realizing royalties and taxes from the sale of these assets….Full Story