AbaCityBlog
Monday, August 11, 2025
  • Login
  • HOME
  • Student Guides
  • Scholarships
  • Travel
  • Tech
  • Business
  • Make Money Online
  • Gadgets
  • DIY
No Result
View All Result
  • HOME
  • Student Guides
  • Scholarships
  • Travel
  • Tech
  • Business
  • Make Money Online
  • Gadgets
  • DIY
No Result
View All Result
AbaCityBlog
No Result
View All Result

Nigeria’s Economy To Hit Another Milestone As It Begins Refining Of Gold

July 17, 2020
in #OffBeat

Nigeria’s economy will be hitting another milestone as it begins refining Gold under President Muhammadu Buhari’s administration.

Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, presented the president with a made-in- Nigeria gold bar, signifying the beginning of Nigeria’s move to use the precious stone to boost its foreign reserves.

The 12.5kg gold bar, which was processed and refined in Nigeria in accordance with the London Bullion Market Association (LBMA) standards to be used as a reserve instrument by the CBN was purchased by the apex bank for N268,608,236.00.

The cheque for the sum was presented to the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) by Emefiele 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.

However, the president added that improved gold mining operations in the country could generate 250,000 jobs and over $500 million monetary value annually through the payment of royalties and taxes to government coffers.

The president, at the official presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) in Abuja yesterday, said his administration was committed to the task of establishing gold refineries in Nigeria.

 

Source: Thisdaylive

 

Tags: CBNNigerian EconomyNigerian Gold
Next Post

Warning: Undefined array key "jnews-75x75" in /home/abacsskt/public_html/wp-content/themes/jnews/class/Image/Image.php on line 114

Warning: Trying to access array offset on null in /home/abacsskt/public_html/wp-content/themes/jnews/class/Image/ImageLazyLoad.php on line 105
Orji Kalu

The Conspiracy Against Orji Uzor Kalu Finally Exposed


Warning: Undefined array key "jnews-75x75" in /home/abacsskt/public_html/wp-content/themes/jnews/class/Image/Image.php on line 114

Warning: Trying to access array offset on null in /home/abacsskt/public_html/wp-content/themes/jnews/class/Image/ImageLazyLoad.php on line 105
President Buhari Breaks Silence Over Akpabio And Nunieh Saga, Orders Investigation In NDDC

Reps Summons Akpabio After Nunieh Appeared Before Commitee Over Mismanagement Of Funds By NDDC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About us
  • Advertise
  • Contact us
  • Privacy Policy
Call us: +2347038111972

© 2023 Abacity Blog Media

Social icon element need JNews Essential plugin to be activated.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Contact us
  • Advertise
  • Aba News
  • #OffBeat

© 2023 Abacity Blog Media