This came six weeks after The Guardian exclusively reported how illegal gold mining was undermining Nigeria economically. Nigeria Gold
, decried the activities of the smugglers, leading to a revenue loss of $3 billion between 2012 and 2018.Speaking at the official presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative in Abuja, Buhari reaffirmed government’s commitment to establishing gold refineries in the country.
His words: ‘” With the implementation of the PAGDMI scheme, which will result in the establishment 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. “These gold assets, which will be purchased in naira, will not only help to bolster our international reserves, it will also provide a hedge against inflation and other economic volatilities associated with foreign currencies that are held in our reserves.”
Mohammed noted that mining was a capital-intensive venture that required the requisite financial backing for modern equipment, technologies and technical know-how.
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