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Nigeria allocates close to 300 million naira for Gold refinery

VheekthorJay
By VheekthorJay | self meida writer
Published 7 months ago - 0 views

Nigeria is a country blessed different minerals;one of which is Gold. Gold deposits are found in Northern Nigeria, most prominently near Maru, Anka, Malele, Tsohon Birnin Gwari-Kwaga, Gurmana, Bin Yauri, Okolom-Dogondaji, and Iperindo in Osun state.

The Central Bank Of Nigeria (CBN) released a check of close to 300 million naira in order to launch the gold purchase program in Abuja,the amount was invested in the first gold mining and refining centre in Nigeria;Presidential Artisanal Gold Mining Development Initiative (PAGMDI).

The first batch of gold refined were tailored to meet the standards of the London Bullion Market Association(LBMA) with a weight of 12.5 kilograms,for the use of gold as an instrument of reserve for Nigeria. refinery

The PAGMDI was established by President Muhammadu Buhari in 2019,in order to ensure a decrease in the overdependence of Nigeria on Oil.

Since Nigeria now produces gold,the worth of the nation would not only be measured by crude oil but also by the gold bar reserve as well,since gold is widely and globally accepted as an international form of currency when exchanged.

Following the fall in price of oil,the economy looks promising as the gold refining industries are now fully operational,it would also attract a lot of private investors to the country.

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