Nigeria is expected to generate more that $500 million annually in royalties and taxes and around 250,000 jobs from the improved gold mining...
Nigeria is expected to generate more that $500 million annually in royalties and taxes and around 250,000 jobs from the improved gold mining operations in the country.
Reiterating the determination of the Federal Government to combat illegal mining activities, the President expressed concern that Nigeria lost close to $3b from 2012 – 2018 due to illegal smuggling of gold. ‘‘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,’’ the President said.
The President recalled that the PAGMI, which was launched in 2019, was well timed, considering the impact of COVID-19 on the global economy and indeed on the Nigerian economy.
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