FG Issues First Gold-refining License
President Buhari addresses Nigerians at Nigeria’s 58th Independence Anniversary (File image)

The federal government has revealed that it has issued the first gold refining license due to the Economic Recovery and Growth Plan (ERGP).

Minister of Budget and National Planning Udo Udoma noted this on Monday in Abuja during the 24th Nigerian Economic Summit (NES24).

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According to Udoma, the Economic Recovery and Growth Plan (ERGP) was primarily targeted at bringing the country out of recession which it had achieved.

“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,” the minister said.

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

“The federal government is finalising modalities to purchase gold from local refiners, via a federal gold reserves scheme.”