ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Tuesday, March 2, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
The official launch of #PAGMI

The official launch of #PAGMI [PHOTO CREDIT: @BashirAhmaad]

Gold mining to generate 250,000 jobs in Nigeria – Buhari

byPress Release
July 16, 2020
3 min read

President Muhammadu Buhari Thursday in Abuja said improved gold mining operations in the country will generate no fewer than 250,000 jobs and over $500m annually in royalties and taxes to the Federal Government.

President Buhari disclosed this at the official presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative (PAGMDI), where he also reaffirmed his administration’s commitment to establish gold refineries in Nigeria.

He said this laudable initiative would support efforts at creation of jobs for Nigerians, diversifying the revenue base, and improving foreign exchange reserves.

Reiterating the determination of the federal government to combat illegal mining activities, the president expressed concern that Nigeria lost close to $3 billion from 2012 – 2018 due to illegal smuggling of gold.

‘‘With the implementation of the PAGDMI scheme which will result in the set-up 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 operations will help in diversifying our revenue base. The sale of gold by artisanal miners and SMEs at accredited centers will help the government in realizing royalties and taxes from the sale of these assets.

‘‘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.

‘‘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.

Mr Buhari 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.

RelatedNews

Presidency directs FIRS to remit statutory cash allocations to NASENI

Why DSS arrested Tanko-Yakassai -Official

Four police officers killed in Calabar – Official

ANALYSIS: One year after, five gaps in Nigeria’s management of COVID-19

The official launch of #PAGMI
The official launch of #PAGMI [PHOTO CREDIT: @BashirAhmaad]

He expressed optimism that these measures would lead to the creation of additional job opportunities across the gold value chain and also help the nation capture the additional value created from the gold refining process.

On environmental degradation, President Buhari pledged that the government would pay close attention to safety and environmental measures to protect workers and the environment.

The Nigerian leader also used the occasion to commend all stakeholders involved in the PAGMI for their painstaking efforts in developing a programme aimed at improved sourcing and refining of high-quality gold bars, derived from minefields in Nigeria.

Dangote adbanner 728x90_2 (1)

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.

He said the impact of COVID-19 and the containment measures designed to slow the spread of the virus, had led to a slowdown in global growth, which is projected to decline into negative territory for the first time since the Great Depression.

‘‘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.

‘‘In responding to this challenge, it is therefore paramount that we strengthen our efforts at implementing policies and programs that will enable greater diversification of the Nigerian economy.

The official launch of #PAGMI
The official launch of #PAGMI [PHOTO CREDIT: @BashirAhmaad]

‘‘Enabling investment in the Solid Mineral sector, is a key part of the government’s economic diversification program.

‘‘Given our current estimated gold reserves of over 200m ounces, most of which have not been exploited, developing sustainable programmes that will catalyse increased investment in the extraction and refining of gold sourced from mines in Nigeria, is indeed vital,’’ he said.

ADVERTISEMENT

Emphasizing the benefits of the PAGMDI, the president explained that it will support job creation efforts particularly for artisanal miners, by providing them with a guaranteed offtake by the Central Bank of Nigeria.

Furthermore, he said efforts are being made to support artisanal miners in improving the standard of the gold that will be sold to the apex bank, in order to ensure that they meet international benchmarks.

According to him, the initiative will enable the deployment of financing schemes that will help miners improve on the quality of their mining operations.

‘‘The gold buying programme by the Central Bank will ensure that artisanal miners are no longer subjected to the volatility in gold prices that occurs in the absence of credible off-takers, which has often led to a significant loss in the value of gold sold by miners, as well as in encouraging illegal smuggling,’’ he said.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (3)
premiumtimes



PT Mag Campaign AD

Previous Post

Israeli researchers develop method to quickly detect cancer cells during surgery

Next Post

Gabon appoints first female Prime Minister

Press Release

Press Release

More News

Okonjo-Iweala assumes office as WTO director-general. [PHOTO CREDIT: WTO Twitter handle]

First Day: New WTO chief, Okonjo-Iweala pushes for fisheries deal

March 2, 2021
President Muhammadu Buhari and Vice President Yemi Osinbajo

COVID-19: Buhari, Osinbajo to pick dates to be vaccinated publicly- Official

March 2, 2021
French former President, Nicolas Sarkozy

Former French president jailed for corruption

March 2, 2021
Dapo Akande, a Nigerian-born professor of international law

UK nominates Nigerian-born lawyer as representative at UN commission

March 2, 2021
MTN Office

MTN biggest Nigerian company by revenue as pandemic drives data sales

March 1, 2021
EFCC

EFCC arraigns former Nigerian senator for N419 million scam

March 1, 2021
Next Post
Map of Gabon [Photo: Pinterest]

Gabon appoints first female Prime Minister

Sani Omolori [PHOTO CREDIT: Facebook Page of Omolori]

Retirement: National Assembly Service Commission queries Sani-Omolori for 'gross insubordination'

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,627,127 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.