The Federal Government has inaugurated the operation of Dukia Gold & Precious Metals Raw Materials Buying Program, the country’s first gold and precious metals refining company.

During the inauguration via a Zoom virtual meeting the Vice President, Professor Yemi Osinbajo explained that Nigeria has the potential reserves of 200 million ounces of gold and the commencement of the project would create new opportunities locally and beyond especially after post covid 19.

According to Professor Osinbajo “The Dukia Gold & Precious Metals Refinery Project, championed by the High Commissions of Nigeria and Canada, has been seven years in the making and it is my pleasure to see that the project ready to begin operations.

“It is said that Nigeria has potential reserves of 200 million ounces of gold and the launch of this expansive project, Dukia Gold, creates new opportunities for us to mine these reserves properly, trade responsibly and refine locally. What we are looking at here is an extremely valuable new source of trade, jobs and foreign exchange”

“This project will create primary employment for local artisanal miners and mining cooperatives, and across the solid minerals value chain. Off-take agreements between Dukia Gold and local mining communities and owners of recyclable gold will be a useful provider of jobs in our post-covid economy.”

Professor Osinbajo further explained that the official launch of the project will also birth the nationwide Dukia-Heritage Bank Gold and Precious Metals Buying Centres as part of a valuable private sector collaboration to help encourage a culture of recycling mineral waste.

“Within this project, we are also commissioning the nationwide Dukia-Heritage Bank Gold and Precious Metals Buying Centres – part of valuable private sector collaboration.

To provides a sustainable way for Nigerians to exchange their gold jewellery and other precious items for cash.

“This system of exchange not only helps encourage a culture of recycling, but will also serve as a complementary source for the raw materials needed for the Dukia Gold & Precious Metals Refining Company.”

The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite said the economic diversification efforts of the Federal Government was yielding results and government would continue to provide an enabling environment for business to thrive.

“I want to say that the economic diversification efforts of the Federal Government are bearing fruit. The gradual weaning process has now begun, spearheaded by the FGN Policy in point”

He added that the initiative would bring about efficiency and transparency to physical trading and transactions of mineral commodities.

“This is one of the measures put in place by Government to foster growth and bring about the optimization of Nigeria`s mineral value chain.

“The initiative will bring about efficiency and transparency to physical trading and transactions of mineral commodities, resulting in accurate mineral data aggregation and reporting”

The Managing Director of Dukia Gold, Bose Owolabi noted that the Project would add value to the gold and precious metals industry in Nigeria and West Africa and curtail illegal exportation of minerals to foreign countries.

The meeting was attended by the Chairman Nigerian`s Governors Forum, Governor Kayode Fayemi, Head of Parastatals, Private Sector participants, Mining Stakeholders, International & local Implementation Partners.

FRCN

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