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.