Nigeria: Heritage Bank, Dukia Gold Boost Nigeria's Gold Reserves

11 June 2020

The Federal Government has indicated that Nigeria's potential reserves of 200 million ounces of gold is set for growth with the private sector partnerships including the Heritage Bank Plc and Dukia Gold & Precious Metals Refining Co. Ltd.

The Vice President, Yemi Osinbajo, who disclosed this yesterday during a virtual platform launch of Dukia-Heritage Bank Gold & Precious Metals Buying Centres nationwide, said the centre is a valuable new source of trade, jobs and foreign exchange.

He also said the project will create primary employment for local artisanal miners and mining cooperatives, and across the solid minerals value chain.

Osinbajo stated: "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." Speaking, the Managing Director/Chioef Executive Officer of Heritage Bank Plc, Ifie Sekibo, stated that the partnership that would boost the mining industry production have given birth to a new market, a platform that will contribute immensely to the transformation of Nigeria's economy. According to him, the operationalization of this initiative aligns with the overall Economic Transformation Agenda of the Federal Government of Nigeria especially as it relates to the full stream diversification of the Nigerian economy, job and wealth creation, development of the solid mineral space amongst others.

Sekibo affirmed, "It is our believe that as the economy of Nigeria is being recalibrated, given the impact of the global pandemic, the government's committed aspiration to build a robust and resilient economy will be further enhanced through the operationalization of this initiative working with all stakeholders across States and Government Parastatals, the Central Bank, Private Sector and other international actors towards the development of the solid minerals sector and its appendages."

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