The Federal Government has renewed resolve to expand sources of non-oil revenue by creating enabling environment for investment in mineral resources and allied products in commercial quantities.
Speaking at the virtual launch of Nigeria’s premier gold company, Dukia Gold and Precious Metal Refining Company Limited’s Raw Materials Purchasing Programme, the Vice President of Nigeria and Head of the country’s Economic Management Team, Prof. Yemi Osinbajo, explained that government was ready to leverage more support for development of investment in solid minerals as a source of foreign exchange earnings for the Nigeria.
While commissioning the Raw Materials Purchasing Programme online during a well-participated Zoom meeting, the VP noted that it was a landmark opportunity for Nigeria to revive the mining sector by standardising the business and making it easy for the operators to create jobs and contribute to Nigeria’s Gross Domestic Product (GDP).
According to him, active investment in business of gold and allied products will create huge job opportunities for all professionals in the value chain.
He commended the promoters of Dukia Gold for the great initiative and also applauded the project’s financier, Heritage Bank, for supporting the programme.
Osinbajo further said, “The programme is a landmark opportunity for Nigeria and Africa. It will create employment for the entire operators in the value chain at post – COVID-19. We shall through our policies encourage emergence of small artisans in the mining business to boost job opportunities and foreign exchange earnings for Nigeria.”
In her remarks, the Managing Director of Dukia Gold, Mrs. Bose Owolabi, thanked the Federal Government for its support and pledged to ensure that the programme became operational immediately.
She explained that the company’s initiative was predicated on the need for the private sector operators to support the government in fulfilling its objective of establishing gold refineries in Nigeria.
The Managing Director of Heritage Bank, Mr. Ifie Sekibo, noted that there had not been formal platform for artisans in Nigeria’s mining sector and that the Raw Materials Purchasing Programme would enable both artisans, aggregators and others in the value chain to operate optimally.
Despite the over 40 mineral resources in the country, the sector is currently contributing a paltry 0.5 per cent to the nation’s GDP due to its informal structure, non-competitiveness and dominance by artisans who have to go through middlemen.
However, government has projected five per cent contribution of the sector to GDP by 2023.
