Nigeria Issues First Gold Refining Licence

Nigeria's Minister of budget and National Planning, Mr. Udo Udoma

The Nigerian government says it has issued the first ever gold refining licence to Kian Smith Limited.

Minister of budget and National Planning, Mr. Udo Udoma, said Monday, at the 24th Nigerian Economic Summit (NES24) in Abuja, that the initiative Is part of plans to help drive Nigeria’s economic growth.

He explained that the development was part of the government’s Economic Recovery and Growth Plan (ERGP) with a primary objective of getting Nigeria out of recession.

The minister said “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.”

Adding further, “Today, I am happy to inform us that the first gold refining licence has been issued to Kian Smith Limited, which was one of the companies that participated in the labs.”

Mr. Udoma also disclosed that the federal government is finalising plans to purchase gold from local refiners, through a federal gold reserves scheme, with a view to boosting the economy to a rapid growth.

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