Nigeria: Buhari says gold mining operations will create more than 250,000 jobs

President Muhammadu Buhari has said improved gold mining operations in the country would generate over USD500 million annually in royalties and taxes to the Government of Nigeria while creating no fewer than 250,000 jobs for citizens, according to a news report by The Sun.

Buhari has disclosed this at the official presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) at the Presidential Villa, Abuja, yesterday.

He reaffirmed his administration's commitment to establishing more gold refineries in Nigeria, saying the initiative would support efforts at job creation for Nigerians, diversifying the economy's revenue base, and improving foreign exchange reserves.

While reiterating the determination of the Federal Government to combat illegal mining activities, the president lamented that Nigeria lost over USD3billion from 2012 – 2018 due to illegal mining and smuggling of gold.

Buhari said, "with the implementation of the PAGDMI scheme which will result in the setting up of accredited gold buying centers 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 but will also provide a hedge against inflation and other economic volatilities associated with foreign currencies that are held in our reserves, " he added.