Sunday, February 17, 2019
EconomyPolitics

Nigeria begins gold mining, issues first license

The Minister of Budget and National Planning, Udo Udoma, said Monday, that the Nigerian government has issued the first gold refining license as part of its strategy to improve the country’s economy.

The Minister made this disclosure while speaking at the 24th Nigerian Economic Summit (NES24) in Abuja.

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“Today, I am happy to inform us that the first gold refining licence has been issued to a company called Kian Smith Limited, which was one of the companies that participated in the labs,” Udoma said.

“As an outcome of the ERGP focus labs, we have also been able to accelerate the development of the national gold development policy and the establishment of a federal gold reserves scheme in Nigeria,” he added.

He further stated that the primary objective of the Economic Recovery and Growth Plan (ERGP) was to get Nigeria out of recession.

He maintains that the country has achieved her primary objective. As an offshoot, Nigeria has issued her first refining license to Kian Smith Limited.

“The federal government is finalizing modalities to purchase gold from local refiners, via a Federal Reserves scheme”, he added.

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He also said that a local automobile assembly plant is being supported to double its production and delivery within Nigeria, so as to drive economic growth in the country.

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