Nigeria to boost gold mining sector

250,000 people to be employed as Nigeria set to make $500M in annual revenue through gold mining

Gokhan Kavak   | 17.07.2020
Nigeria to boost gold mining sector

ABUJA, Nigeria 

President Muhammadu Buhari said Thursday that the government is set to reform gold mining that will produce a revenue of $500 million annually.

Buhari said 250,000 people would be employed with new steps to be taken in the gold mining sector.

New regulations would boost the sector and a legal status would be granted for those mining gold, he said.

Buhari said reform movements would boost revenues and the central bank would buy gold from small-scale miners at a reasonable price.

The presence of armed groups in northwestern Nigeria lead to a security vacuum and an increase in illegal gold mining, which, according to the president, caused a loss of $3 billion from 2012 to 2018.

*Writing by Ali Murat Alhas

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