Breaking: Buhari Launches Adoption of Artisanally-Mined Gold into Nigeria’s External Reserves

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SWITZERLAND, JULY 16 – President Muhammadu Buhari has launched the adoption of indigenous, artisanally-mined gold into Nigeria’s external reserve.

The first batch of artisanally-mined gold bars to be purchased by the Central Bank of Nigeria(CBN) were unveiled at a presentation ceremony to President Buhari on Thursday in Abuja.

According to the presidency, this milestone is a demonstration of President Muhammadu Buhari’s commitment to diversifying Nigeria’s economy and foreign reserves.

Today’s Echo gathers from state house documents that Nigeria had produced, for the first time ever, in June 2020, artisanally-mined gold that has been processed and refined according to the London Bullion Market Association (LBMA) standards required for the use of gold as a reserve instrument by the Central Bank of Nigeria.

This means that the Central Bank will be purchasing gold that has been mined, processed and refined under the Presidential Artisanal Gold Mining Development Initiative for use as part of Nigeria’s external reserves.

“The 12.5kg bar of gold (artisanally-mined in Nigeria) is worth 268 MILLION NAIRA. @cenbank has today presented a Cheque for that amount to #PAGMI. The gold now belongs to Nigeria’s External Reserves. (With PAGMI, CBN will be able to boost gold reserves with Naira, not dollars),” Special Assistant to the president on New Media, Tolu Ogunlesi tweeted.

This milestone is the culmination of 24 months of intense efforts between the Solid Minerals Development Fund, Kebbi and Osun States Government, Ministry of Mines and Steel Development, and the Ministry of Finance, Budget, and National Planning under a Steering Committee led by the Chief of Staff to the President, Professor Ibrahim Gambari.

“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,” Buhari said on Thursday.

“These operations will help in diversifying our revenue base.”

Buhari said the sale of gold by artisanal miners and SMEs at accredited centers will help the government in realising royalties and taxes from the sale of these assets.

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