The President of Nigeria, Major General Muhammadu Buhari (rtd), has said that improved gold mining operations in the country will generate no fewer than 250,000 jobs and over $500m annually in royalties and taxes to the Federal Government.

The President stated this on Thursday in Abuja at the official presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative (PAGMDI), where he also reaffirmed his administration’s commitment to establish gold refineries in Nigeria.

Buhari further said that such a bold step will go a long way in creating jobs, diversifying the nation’s revenue base and improving foreign exchange.

‘‘With the implementation of the PAGDMI scheme which will result in the set-up of accredited gold buying centres across key mining areas, artisanal miners and SMEs engaged in mining will be able to capture the value of their work.

Gold bar mined in Nigeria.

‘‘These operations will help in diversifying our revenue base. The sale of gold by artisanal miners and SMEs at accredited centers will help the government in realizing royalties and taxes from the sale of these assets.

‘‘These developments will also help in improving our foreign reserves by enabling the Central Bank of Nigeria to increase the amount of gold in its reserves.

‘‘These gold assets which will be purchased in Naira, will not only help to bolster our international reserves, it will also provide a hedge against inflation and other economic volatilities associated with foreign currencies that are held in our reserves,’’ the president said.

He further said that efforts are in place to set up gold mining refineries in the country, in order to ensure Nigeria’s gold is mined and purified within.

He also said all hands will be on deck to cut down on environmental degradation, while commending the efforts of the all stakeholders involved in the PAGMI for their painstaking efforts in developing a programme aimed at improved sourcing and refining of high-quality gold bars, derived from minefields in Nigeria.