Nigeria’s Minister of Budget and National Planning, Senator Udoma Udo Udoma yesterday disclosed that the Federal Government has issued the first gold refining licence to Kian Smith Limited.
The Minister made this disclosure while speaking during the ongoing 24th Nigerian Economic Summit in Abuja.
According to him, the development is the direct outcome of the Federal Government’s Economic Recovery Growth Plan (ERGP) which has facilitated a considerable development of Nigeria’s gold sector.
“As an outcome of the ERGP focus labs, we have also been able to accelerate the development of the national gold development policy and the establishment of a Federal Gold Reserves Scheme in Nigeria.
“Today, I am happy to inform us that the first gold refining licence has been issued to a company called Kian Smith Limited, which was one of the companies that participated in the labs. The Federal Government is finalising modalities to purchase gold from local refiners, via a Federal Gold Reserves Scheme.” -Udoma
Recall that Nairametrics had earlier quoted Alhaji Abubakar Bwari, the Minister of state, Mines and Steel Development as saying that some private investors did express their readiness to commit about $3.32 billion to fund some key projects in the mining sector.
The Minister had specifically stated the fund would be used to finance gold mining and refining, foundry works, lead/zinc exploration and production, tin, tantalite and columbite mining and processing.
The minister said that the ministry was making effort to focus on tackling challenges hindering the formal exploitation of gold, tin and lead-zinc as well stop indiscriminate exports of these mineral commodities to foreign smelters.
He further stated that Nigeria without crude can survive, given her huge potential in the non-oil sector. Agriculture, mines and steel among others, are lucrative areas capable of putting the economy on a prosperous path.
Meanwhile, mineral resources’ contribution to the nation’s Gross Domestic Product (GDP) was abysmally low, hovering within the region of N103 billion in 2014 despite the country being blessed with over 44 types of solid minerals in varying quantities across the 36 states and Federal Capital Territory ( FCT) of the country.
In view of this, it would not be erroneous to say Nigeria’s mining sector has been dormant and abandoned for illegal miners to profit from, while genuine investors have been made to look on.
About Kian Smith
Kian Smith is a Nigerian company registered in 2011. The company operates in minerals, commodities and marine services.