President Muhammadu Buhari says improved gold mining operations in Nigeria will generate over 250,000 jobs and over 500 million dollars annually in royalties and taxes to the Federal Government.
Buhari who announced this at the official presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative, PAGMDI in Abuja, reaffirmed his administration’s commitment to establish gold refineries in Nigeria.
The President noted that this laudable initiative would support efforts at creation of jobs for Nigerians, diversifying the revenue base, and improving foreign exchange reserves.
Buhari, while reiterating the determination of the Federal Government to combat illegal mining activities, expressed worry that Nigeria lost close to three billion dollars from 2012-2018 due to illegal smuggling of gold.
He also noted that in addition to the potential revenue gains that will occur from mining operations, efforts are being made to enable the setting up of gold refineries in Nigeria.
