Senate moves to establish gold reserve agency

Sharon EboesomiJune 6, 20243 min

The proposed legislation presents a significant opportunity to drive economic growth and diversification by creating a conducive environment for investment in gold.

Senate seeks to strengthen Nigeria in the global gold market   
The  Senate has passed for second reading, a bill for an Act to make provision for the establishment of a Nigeria Gold Reserve Agency.

This was sequel to the consideration of a bill sponsored by Senator Natasha Akpoti-Uduaghan (PDP, Kogi Central) during Wednesday’s plenary.

The bill seeks a robust framework for the  harnessing, exploitation and marketing of gold which reportedly has about 600,000 tonnes in reserves in the country worth $45billion.

Leading the debate on the bill, Senator Natasha noted that the proposed legislation presents a significant opportunity to drive economic growth and diversification by creating a conducive environment for investment in the solid minerals sector.

READ ALSO: Trending: Sustainability and Nigeria’s oil and Gas industry 

According to her, this will attract both domestic and foreign investors, stimulate job creation, and boost revenue streams for the government.

She said: “It incorporates stringent regulations to minimize the ecological footprint of gold mining and processing activities. By adhering to international best practices in gold mining and trading, the Nigerian Gold Reserve Bill positions Nigeria as a reliable and responsible player in the global gold market which will enhance our competitiveness on the international stage and strengthen investor confidence in our gold industry. 

“Specifically, the bill seeks to establish the Nigeria Gold Authority (NGA) that will be charged, among other things, with the administration of the Nigerian Mining Act with regards to our gold resources.” 

Almost every senator who participated in the debate, backed it as a necessary legislation that would enable Nigeria to fully utilise the mineral reserve for the good of all Nigerians. 

Senator Solomon Olamilekan (APC, Ogun West) in particular, stressed that if the bill were to become law, it would support the value of the naira, which he claimed might even increase significantly in value without the involvement of foreign capital.

STAR Check: Nigerians, particularly, constituents of Kogi Central district, can keep tabs on the legislative performance of Sen. Natasha throughout the 10th senate here. 

Sharon Eboesomi

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