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Nigeria moves to develop its gold resources
Gold Reserve Industry Bill Passes Second Reading
By Dirisu Yakubu
The Punch, Lagos
Wednesday, June 5, 2024
The Senate on Wednesday passed for a second reading a bill for an act to make provision for Nigeria's gold reserve industry.
Sponsored by the lawmaker representing Kogi Central on the platform of the Peoples Democratic Party, Natasha Akpoti-Uduaghan, the bill is seeking a robust framework for the harnessing, exploitation, and marketing of gold.
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Nigeria reportedly has about 600,000 tonnes of gold reserves, worth about $45 billion.
Leading the debate on the general principles of the bill on Wednesday, Akpoti-Uduaghan said, "The proposed legislation presents a significant opportunity to drive economic growth and diversification by creating a conducive environment for investment in the gold sector that can attract both domestic and foreign investors, stimulate job creation, and boost revenue streams for the government.
"It incorporates stringent regulations to minimize the ecological footprint of gold mining and processing activities.
"By adhering to international best practices in gold mining and trading, the Nigerian Gold Reserve Bill positions Nigeria as a reliable and responsible player in the global gold market which will enhance our competitiveness on the international stage and strengthen investor confidence in our gold industry." ...
... For the remainder of the report:
https://punchng.com/gold-reserve-industry-bill-passes-second-reading/
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