Nigeria has, for the first time in history, refined its own gold and purchased the refined product into a new gold reserve on Thursday July 14 this year.
According to officials, Nigeria processed 12.5kg gold bar and refined according to the London Bullion Market Association (LBMA) standards required for the use of gold as a reserve instrument by the CBN, officials said.
The Central Bank of Nigeria (CBN) presented a cheque of N268 million for the country’s first artisanally-mined and refined gold to the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) at the launch of the gold purchase programme at the State House, Abuja on Thursday.
Last year, the President, Muhammadu Buhari, had launched the PAGMDI, a comprehensive artisanal and small-scale gold mining development programme.
The aim of the initiative is to foster the formalisation and integration of artisanal gold mining activities into Nigeria’s legal, economic, and institutional framework.
The Governor of the CBN, Godwin Emefiele said, “The development is a step toward the actualisation of economic diversification in Nigeria.”
The CBN boss said Nigeria would no longer be analysed through the price of crude oil as gold is also valued in the international market in dollars.
“Irrespective of the fall in the price of crude oil, with gold”, he added that “the Nigerian economy remains strong, remains resilient to withstand the exogenous shocks that we see around today.”
Hence, Emefiele seized the opportunity to assure “Our friends both locally and internationally to say that the Nigerian government supported by the monetary authorities is doing everything possible to diversify the base of the Nigerian economy and in the coming weeks and months, Nigerians and the world will see more that is going to be done in improving the output from our agricultural sector, improving productivity from the manufacturing sector, doing everything to make it easy for goods to move from farms to market in Nigeria.”
Speaking, the Executive Secretary, Solid Minerals Development Fund (SMDF), Fatima Shinkafi, said the initiative would not only strengthen the national economy and impact on the individuals, but would also encourage private sector-led investment.
“They have a space to participate in PAGMI and the laws and regulations are there. We will sensitise people together with the Ministry and the States, who have been very supportive as well.
“We have started a good journey towards improving the economy and we are moving at a very fast speed,” she lauded.
According to the executive secretary, she hoped this would translate into a better life, most importantly for the households they whose lives they were trying to make better and supporting directly and indirectly with the artisanal miners.
In the words of the Governor of Kebbi State, Atiku Bagudu, many states including Kebbi have people in the artisanal gold mining sector for decades but they have been doing so illegally, with health hazards to themselves and damage to the environment.
“This is the first time the miners will be energised by a national programme. The mining brings insecurity Because of its illegality, because of its illegality,” he highlighted.
“The miners are now registered, they have modern tools, protective gear with minimal damage to the environment, and above all they are buying centres which you will buy it from them at prices that they would never have gotten before and with the creativity and support of the Central Bank Governor.
He acknowledged that the gold would go into reserve providing a ready market. He continues, “So this energises state governors, gold-producing communities across Nigeria and I believe this is an initiative that will see us through more individually and collectively in this gold production and ensure that people benefit from it”.
Others present at the meeting in the Chamber were: the Vice President Yemi Osinbajo; Secretary to the Government of the Federation, Boss Mustapha; the Chief of Staff to the President, Ibrahim Gambari; and the Minister of Mines and Steel Development, Olamilekan Adegbite.
Among them were: Minister of State, Mines and Steel Development, Uchechukwu Ogah; and Governors Nasir El-Rufai, Bagudu Atiku, Gboyega Oyetola as well as the Deputy of Zamfara, Mahdi Gusau.
