Made-in-Nigeria Gold Arrives, to Boost Foreign Reserves
By Adekunle Badmus
Gold processing has debut in Nigeria with the final production a 12.5kg gold bar.
The Gold processed and refined in Nigeria in accordance with the London Bullion Market Association (LBMA)
standards was purchased by the apex bank CBN for N268,608,236.00.
The Bank says it will be used as rla reserve instrument.
The cheque for the sum was presented to the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) by CNB Governor, Emefiele.
This was done during the Presidential launch of the gold purchase programme at the Presidential Villa, Abuja.
The event, an outcome of the PAGMDI, a comprehensive artisanal and small-scale gold mining development programme,
launched by the president in 2019, marked the beginning of the nation’s gold purchase programme through the CBN.
Expressing his excitement at the new milestone, Buhari said Nigeria lost $3 billion to illegal smuggling of gold between 2012 and 2018.
