Nigeria's Aim to Diversify Economy Gets Golden Shot in Arm

Nigeria's efforts to diversify its economy has seen the country produce its first locally made gold bar which was handed to President Muhammadu Buhari, signifying the beginning of the country's move to use the precious metal to boost its foreign reserves. The president said that "improved gold mining operations in the country will generate no fewer than 250,000 jobs and over U.S.$500 million annually in royalties and taxes to government coffers. The Minister of Mines and Steel Development, Olamilekan Adegbite said a gold ecosystem will be created to minimise the high rate of illegal gold mining and smuggling. The need to diversify the economy has become more serious as oil prices has dropped worldwide during the Covid-19 pandemic.

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