The Nigeria president Muhammadu Buhari says with the improved gold mining operations in the country will generate atleast 250,000 jobs and over 500 million dollars annually and taxes to the Federal Government.
This statement was disclosed at the official presentation of locally mined gold bars by the president artisanal gold mining development initiative (PAGMDI), at the presidential villa, Abuja on Thursday.
Therefore, the president reaffirmed his administration’s commitment to establish gold refineries in Nigeia.
He said this laudable idea would add to efforts of creating jobs in Nigerians, diversifying the revenue base, and improving foreign exchange reserves.
Nigeria lost close to three billion dollars from 2012 – 2018 due to illegal smuggling of gold.
‘‘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.
‘‘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 show optimism that this so call gold mining would lead to the gain of the country and creation of additional job opportunities.