According to a statement from Femi Adesina, Media Adviser to the President, the initiative will help end illegal mining and give Nigeria a better future.
“This major program will support the creation of jobs for Nigerians, generate revenue, and boost government foreign reserves.
"The PAGDMI program was launched to open gold selling centers in some towns in different States, the mining and small entrepreneurs who trade in gold will have the opportunity to benefit from the program.
"Such projects will help boost our country's revenue. Trading gold at accredited institutions will help the government get more money and revenue from the sale of gold stocks.
"This initiative will help boost the government's foreign exchange reserves by allowing the Central Bank of Nigeria to increase its reserves."
However, the Central Bank of Nigeria (CBN) has paid a staggering N268.6m for the purchase of 12.5kg of gold, a Nigerian-initiated and processed gold standard based on LBMA. The gold is now one of the assets of Nigeria.
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