The President, Major General Muhammadu Buhari , on Thursday said improved gold mining operations in the country would generate 250,000 jobs and over $500m annually in royalties and taxes to the Federa
l Government.According to a statement by his Special Adviser on Media and Publicty, Femi Adesina, the President disclosed these at the presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative in Abuja.
He said the initiative would support efforts at the creation of jobs for Nigerians, diversifying the revenue base, and improving foreign exchange reserves. ‘‘These developments will also help in improving our foreign reserves by enabling the Central Bank of Nigeria to increase the amount of gold in its reserves.
The President pledged that the government would pay close attention to measures to protect workers and the environment. He added, ‘‘It has also led to a 40 per cent drop in crude oil prices. In Nigeria, the drop in crude oil prices has had a significant impact on government revenue, as well as on our foreign exchange earnings.
Buhari explained that PAGMDI would support job creation efforts particularly for artisanal miners, by providing them with a guaranteed offtake by the Central Bank of Nigeria.
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