Heritage Bank-Dukia Gold to Boost Nigeria’s 200mn Ounces of Gold Potential Reserves- FG
…To fast-track 10% contribution of mining sector to GDP
The
Federal Government of Nigeria has commended Heritage Bank for being
part of a valuable private sector collaboration with Dukia Gold &
Precious Metals Refining Co. Ltd, saying such partnership stands to
create new opportunities for Nigeria to grow its potential reserves of
200 million ounces of gold.
The
Vice President, Yemi Osinbajo, disclosed this during a Zoom- meet &
chat session, a virtual platform at the launch of nationwide
Dukia-Heritage
Bank Gold & Precious Metals Buying Centres held yesterday
He
affirmed that the launch of this expansive project between Heritage
Bank and Dukia Gold would enable Nigeria to mine reserves properly,
trade responsibly, refine locally and boost the nation’s foreign
reserves.
He stated, “What we are looking at here is an extremely valuable new source of trade, jobs and foreign exchange.
“This
project will create primary employment for local artisanal miners and
mining cooperatives, and across the solid minerals value chain.
Off-take agreements between Dukia Gold and local mining communities and
owners of recyclable gold will be a useful provider of jobs in our
post-covid economy.
“The
positive multiplier is expected to extend even further than this as the
Dukia Gold project will also encourage the emergence of smaller-scale
mining companies who, for the first time, will now have a transparent
and welcoming market for their mined gold and precious metals. This is
set to create jobs and unleash the economic potential of mining
communities.”
Osinbajo
further counted the enormous benefits of the project, “This provides a
sustainable way for Nigerians to exchange their gold jewellery
and other precious items for cash. This system of exchange not only
helps encourage a culture of recycling, but will also serve as a
complementary source for the raw materials needed for the Dukia Gold
& Precious Metals Refining Company.
These buying centres
will also enable the responsible management of some of electronic
waste.”
Meanwhile,
the project would further drive the diversification of the nation’s
economy, Heritage Bank Plc, Dukia Gold which have given birth
to a new gold and precious metal market that will grow the mining
industry’s contribution to gross domestic products to over 10% by 2026.
Records
have shown that the growth of mining production at the end of 2019 in
Nigeria was 0.1% and the sector still contributes less than
0.5% of GDP compared to other African economies who are strong in mining
like Botswana (38%), Democratic Republic of Congo (25%), South Africa
(18%), Zambia (18%), Guinea (12%) and Ghana (7%).
However,
the MD/CEO of Heritage Bank Plc, Ifie Sekibo stated that the
partnership that would boost the mining industry production have given
birth to a new market, a platform that will contribute immensely to the
transformation of Nigeria’s economy.
According
to him, the operationalization of this initiative aligns with the
overall Economic Transformation Agenda of the Federal Government
of Nigeria especially as it relates to the full stream diversification
of the Nigerian economy, job and wealth creation, development of the
solid mineral space amongst others.
Sekibo
affirmed, “It is our believe that as the economy of Nigeria is being
recalibrated, given the impact of the global pandemic, the government’s
committed aspiration to build a robust and resilient economy will be
further enhanced through the operationalization of this initiative
working with all stakeholders across States and Government Parastatals,
the Central Bank, Private Sector and other international
actors towards the development of the solid minerals sector and its
appendages.”
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