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‘Gold trade will boost living standard of Nigerians’

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The Minister of Mines and Steel Development, Arc Olamilekan Adegbite has said the Federal Government is working on policies that would enable citizens to fully harness potentials in gold deposits.

Adegbite stated this when declaring open gold event tagged: “Lagos Love Gold,” at West Wing, Wings Towers, Victoria Island Lagos, organised by Kian Smith Refinery, in collaboration with the Ministry.

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He noted that there are huge gold deposits in different parts of the country waiting to be explored, assuring government would deepen its activities in the sector by encouraging the private sector to come into mining.

“It is legal for people to export gold out of the country. The process is very simple, with 3 per cent royalty paid on the value of the gold being taken out and by that, we give an export certificate to take gold to anywhere in the world to be sold at a premium price,” he stressed.

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Noting that there is a policy in place banning the exportation of raw ore, Adegbite stated that there is need for value addition, saying, “the government is preventing the exportation of raw gold, but promoting the processed commodity to create jobs for our teeming youths.”

Earlier, the Permanent Secretary, Dr. Oluwatoyin Akinlade, said the ministry would work with stakeholders and development partners to develop the Nigerian gold mining sector and boost gold activities in the West African sub-regions.

Chairman, Kian Smith Refinery, Nere Emiko said the event, an exclusive gold bazaar experience and gold art immersion, showcased local and regional jewellery makers and designers, as well as providing exclusive shopping.

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