Nigeria: Govt to Set Up Gold Markets in Kano, Lagos

28 September 2020

Abeokuta — The Federal Government says it would establish gold souks (markets) in Kano and Lagos for trading locally-mined gold in Nigeria.

The Minister for Mines and Steel Development, Architect Olamilekan Adegbite, disclosed this in Abeokuta, Ogun State, during a roadshow on his ministry's activities.

He said the project was to diversify the economy away from over-reliance on oil and gas.

He said: "We are going to build souks in Kano and Lagos States where people can come from anywhere in the world to buy jewelries.

"This is creating employment, creating value and at the same time generating revenue for government."

The minister noted that the administration's diversification effort prompted his ministry to go into gold exploration and mining in Kano State to boost the country's foreign reserve.

According to him, Nigeria recorded a huge success in gold exploration and mining in Kano state recently.

With this feat, he said Nigeria could be one of the leading countries in gold production.

He disclosed that Nigeria is partnering with the German government to train 45 Nigerians in gold mining and processing for nine months.

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