Tagged:

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.

Pixabay

gold bars

InFocus

Follow AllAfrica

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.