Nigeria has gold reserves of about 200 million ounces – Prof. Osinbajo

Nigeria’s Federal Government has recently commissioned into full operation the Dukia Gold and Precious Metals project (DGPMP) that will see Nigeria mine, refine and trade gold reserves locally. The 7 years project which came to conclusion was virtually commissioned by the nation’s Vice president Prof. Yemi Osinbajo.

Prof. Osinbajo, while commissioning the project said Nigeria has the potential gold reserves in the tune of 200 million ounces as he expressed his pleasure to see the project in a ready state to begin operation.

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In a press statement made available to journalists by Mr Edwin Okpara, the Director of Press, Ministry of Mines and Steel Development, the VP said: “I believed that the Dukia gold project would encourage the emergence of smaller-scale mining companies who, for the first time, would have a transparent and welcoming market for their mined gold and precious metals. This would create jobs and unleash the economic potential of mining communities.”

On employment generation from the project, Prof. Osinbajo, who also commissioned the Dukia-Heritage Bank Gold and Precious Metals Buying Centers, which he said is part of valuable private sector collaboration stated that the project “will create primary employment for local artisanal miners and mining cooperatives across the solid minerals value chain. Off-take agreements between DGPMP and local mining communities and owners of recyclable gold will be a useful provider of jobs in our post-COVID-19 economy.

This system of exchange not only helps to encourage a culture of recycling but will also serve as a complementary source for the raw materials needed for the Dukia Gold & Precious Metals Refining Company”, The VP said.

Also present at the virtual commissioning was the Minister of Mines and Steel Development, Mr Olamilekan Adegbite. The minister, in his remarks, said: “the launch of Dukia-Heritage is a testament of the unwavering effort of President Muhammadu Buhari’s administration to serve as a business-friendly regulator by providing the enabling environment for business to thrive.”  The minister further stressed that the Buying Center Initiative (BCI) will bring about efficiency to physical trading and transactions of mineral commodities in the country.

Meanwhile, the minister said the ministry of mines and steel development has licensed two gold refineries and fashioned conducive fiscal and regulatory enabling environment for them to thrive as they expect that these licensed refineries will create ample employment opportunities in the downstream sector and in the gold value chain.

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