The Federal Government says the country would soon commence gold refining.
Minister of Budget and National Planning, Udo Udoma says government has issued the first gold refining licence to Kian Smith Limited.
It will also begin the purchase of gold from local refiners through a Federal Gold Reserve Scheme, subject to international standards.
Udoma said the country has accelerated the National Gold Development Policy and the establishment of a Federal Gold Reserve Scheme.
Speaking at the ongoing 24th Nigerian Economic Summit in Abuja, the Minister said, “As an outcome of the ERGP Focus Labs, we have also been able to accelerate the development of the National Gold Development Policy and the establishment of a Federal Gold Reserve Scheme in Nigeria.
“Today, I am happy to report that the first gold refining licence has been issued to a company called Kian Smith Limited, which was one of the companies that participated in the labs. Indeed, the Federal Government is finalising modalities to purchase gold from local refineries via a Federal Gold Reserve Scheme subject to international standards, such as the London Bullion Market Association.
“This accelerated development of the National Gold Development Policy by the Ministry of Mines and Steel Development, and the progress recorded in implementing the Federal Gold Reserve Scheme by the Central Bank of Nigeria are direct solutions to issues presented by investors at the ERGP Focus Labs.”