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FG licenses two gold refineries


The Federal Government has licensed two solid minerals refineries as the country gears up to sustain its current diversification programme.

Minister of Mines and Steel Development, Olamilekan Adegbite disclosed this to State House Correspondents, while briefing them on the outcome of the weekly meeting of the Federal Executive Council chaired by President Muhammadu Buhari.

He said the two refineries located in Abuja and Mowe, Ogun State, would be refining gold for export.

Adegbite said: “The Central Bank of Nigeria, CBN, has agreed to keep part of its foreign reserve in gold. The CBN will be the off-taker of the gold in Nigeria. We have licensed two refineries in Nigeria. One is in Abuja. One is in Mowe in Ogun State. They will refine gold and of course produce bdellium that the CBN can buy at international prices. This is also encouraging mining in Nigeria.”

The Minister announced that his Ministry was able to rake-in N5 billion for the country last year, which is the highest revenue so far, generated by the Ministry of Mines and Steel development.

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