First Bank

Thursday, July 16, 2020

Buhari Receive Nigeria’s First Artisanally- Mined Gold

Nigeria’s President Muhammadu Buhari on Thursday received the country’s first artisanally- mined 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,” Buhari said on Thursday.⁣

“These operations will help in diversifying our revenue base.”⁣

Buhari said the sale of gold by artisanal miners and SMEs at accredited centers will help the government in realising royalties and taxes from the sale of these assets.⁣

He said 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.⁣

The artisanally-mined gold was processed and refined according to the London Bullion Market Association (LBMA) standards.⁣

CBN has now purchased the 12.5kg bar of gold at the rate of N268 million for use as part of Nigeria’s external reserves, with a cheque presented a Cheque for that amount to the Presidential Artisanal Gold Mining Development Initiative.⁣

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