National Economic Summit 2018
President Muhammadu Buhari (image courtesy Presidency)

The Nigerian government has set up a Federal Gold Reserve Scheme in its quest to diversify the West African country’s economy.

This was revealed by Budget and National Planning Minister Udo Udoma on Monday in Abuja at the National Economic Summit.

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Udoma said, “the Federal Government is finalizing modalities to purchase gold from local refineries via a Federal Gold Reserve Scheme subject to international standards such as the London Bullion Market Association.

“This accelerated development of the National Gold Development Policy by the Ministry of Mines and Steel Development, and the progress recorded in implementing the Federal Gold Reserve Scheme by the Central Bank of Nigeria, are direct solutions to issues presented by investors at the ERGP Focus Labs.”

He added that “a local automobile assembly firm in Imo State, Autodex Limited, is being supported to double its capacity for the production of farm tractors. This is just to mention a few of the projects arising out of the Focus Labs.

“The ERGP Delivery Unit is working hard to advance progress on many other potential projects identified in the Labs.

“To keep the public informed of progress arising from the Focus Labs the ERGP Delivery Unit has started producing a monthly newsletter. The next one is scheduled for release within the next two weeks.”