Nigeria to launch National Gold Purchase Scheme 

Business News
“The National Gold Purchase Scheme is meant to accredit 10,000 artisans miners in five states; shore up our gold reserves as the CBN purchases the refined gold under the Federal Gold Reserve Treasury Scheme; produce 175,000 ounces of gold per annum, and increase the earnings from Gold by N53 billion thus boosting our sector’s contribution to the GDP massively.”
These were the words of Abubakar Bawa Bwari, Minister of State for Mines and Steel Develolment, at the 2019 edition of the
annual Nigeria Manufacturing Equipment (NME)/Nigerian Raw Materials Expo (NIRAM) organized in partnership with Clarion Events West Africa and Raw Materials Research and Development Council (RMRDC).
In his presentation on Metals and Minerals commodity, he said ” There is a National Gold Purchase Scheme which is meant to promote the production and refining of gold for purchase by the Central Bank of Nigeria under a Federal Gold Reserve Treasury Scheme.
“The National Gold Purchase Scheme will be funded through a Presidential Artisanal Gold Mining Development Initiative, using a similar framework as the one used for the Presidential Fertilizer Initiative and Anchor Borrowers Project.
“The pilot phase is expected to be launched in Birnin Kebbi, Kebbi State by President Muhammad Buhari,” he said.
He stated that among seven commodities the Ministry has focused on is the Gold Value Chain.
“Gold is one of the most smuggled commodities in Nigeria and a great deal of Nigeria’s gold is traded in the international market with hardly any impact on the economy or GDP.
“Understanding the role of precious metals and minerals play in the economy of any nation, we have decided to re-organize the gold sector by developing a National Gold Policy.
“The policy is aimed at facilitating formal gold production, trade and exports to ensure regular payment of royalties and taxes,  he said.”
Gold Refinery License
Also, in line with our policy of developing the downstream operations of the sector, the Ministry has approved the first ever gold refinery license in Nigeria to a private operator, Kian Smith Trade Co. Ltd.
The groundbreaking ceremony of the plant took place in Mowe, Ogun State, on the 13th of December 2018 and production is expected to start in 2019.
The company will start with a production capacity of three tonnes per month of 99.9 percent gold and one tonne per month of 99.9 percent silver. Most of the gold will be sourced locally and when completed the refinery will provide more than 500,000 jobs in two years.

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