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Home General News Business News

Nigerians will soon use their gold as collateral for loans – Minister

Abiola Odutola by Abiola Odutola
March 28, 2021
in Business News, General News
Gold prices surge by 17.4% in 2 months due to global economic crisis, Gold Future Drops to $1727.80 as Tensions Escalate between America and China
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Banks will soon allow Nigerians, especially owners of Small and Medium Enterprises, to use their gold jewellery as collateral for loan facilities.

This was disclosed by the Minister of Mines and Steel Development, Olamilekan Adegbite, on Sunday.

Adegbite explained that his ministry has decided to revive the industry and at the same time create opportunities for Nigerians, especially SMEs, to raise funds for their businesses.

He said, “We are discussing with some financial institutions to create products to accept the gold jewellery from Nigerians and give them credit that is within the worth of the commodity.”

READ: How Nigeria discovered gold along Abuja-Nassarawa axis – Minister

How it works

The Minister explained that all interested Nigerians need to do is to approach the bank, drop the gold in its vault and collect a certificate to that effect.

According to him, the certificate can be used to obtain a loan from either the same bank where the jewellery was deposited or another financial institution. When the bank has been refunded, the individual gets his certificate/gold back.

Related

Tags: creditGoldLoanOlamilekan Adegbite

Comments 2

  1. Anonymous says:
    March 28, 2021 at 9:11 pm

    Abeg oo Nigeria get Gold before?

    Reply
  2. Sam says:
    February 10, 2022 at 9:40 pm

    That man is making no sense, he should go and sit one place. After sellering the treasure/honor of their unborn generations For vanity. He should go and ask Abacha’s children how many people are really interested in associating with them aside gold digging friends

    Reply

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