By Kelvin Osa Okunbor
Nigeria’s Vice President Yemi Osinbajo on Tuesday said the official launch of Dukia Gold and Precious Metals Refining Refining Company has opened a new pathway for job creation, trade and foreign exchange earnings for the country.
He disclosed this during a virtual meeting via zoom where the project was launched.
The Vice President also noted that the project which is first of its kind in Nigeria and West Africa offers wide range of opportunities for artisanal miners, and those trading in gold and Precious metal business to have a better deal through swapping their gold for money with a technical support of Heritage Bank through their ‘Heritage Bank Centres’.
“It is said that Nigeria has potential reserves of N200 million ounces of gold and the launch of this expansive project, Dukia Gold, creates the opportunities for us to mine these reserves properly, trade responsibly and refine locally. What we are looking at here is an extremely valuable new source of trade, jobs and foreign exchange,” said the Vice President on Tuesday at the official commissioning of Dukia Gold & Precious Metals Refining Company Limited-an event monitored by Zoom-Meet & chat.
The project, the Vice President said, will create primary employment for local artisanal miners and mining co-operatives,and across the solid minerals value chain. “Off take agreements between Dukia Gold and Local Mining Communities and owners of recyclable gold will be a useful provider of jobs in our post covid economy.” Osinbajo stated.
Osinbajo also noted that the positive multiplier effect of the company is expected to extend even further as the firm will also encourage the emergence of smaller-scale mining companies who for the first time will have a transparent and welcoming market for their mined gold and Precious metals.
Read Also: Osinbajo commissions 200,000-capacity yam facility in Benue
“This is set to create jobs and unleash the economic potential of mining communities, Osinbajo emphasised.
“With this project, we are also commissioning the nationwide Dukia-Heritage Bank Gold and Precious Metals Buying centres-part of valuable private sector collaboration. This provides a sustainable way for Nigerians to exchange their gold Jewellery and other precious items for cash.
According to Osinbajo,”This system of exchange not only helps encourage a culture of recycling, but will also serve as a complementary source for the raw materials needed for Dukia Gold and Precious Metals Refining company. These buying centres would also enable the responsible management of some electronic waste.”
Olamilekan Adegbite, the Minister of Mines and Steel Development at the launch said friendly policies of President Muhammadu Buhari led administration to serve as a business friendly regulator is already yielding results through providing the enabling environment for business to thrive.
According to the Minister, “This launch points to one of the measures put in place by the government to foster growth and bring about optimisation of Nigeria’s mineral value chain. The imitative will bring about efficiency and transparency to physical trading and transactions of mineral commodities, resulting in accurate data aggregation and reporting.
The minister noted that buying centres with minimum guarantee price thresholds also ensures that artisanal miners receive the right pricing for their goods relative to illegal off takers while breaking the status quo of illegal mining and increasing the royalty revenue accrual to the federal government.
“At present, there are over 400 licensed mineral buying centres nationwide involved in the purchase of precious and metallic minerals such as gold, lead zinc, tin and Columbite.
“The Ministry has licensed two gold refineries .Duke is one of the two duly licensed gold refiners in Nigeria. They have developed an encompassing ecosystem, consisting of nationwide DukiaHB Buying Centres alongside the virtual Purchasing Platform, that together form an integral piece.”
Bose Owolabi, the Managing director, Dukia Gold and Precious Metals Refining said the launch has unravelled opportunities for 200 million ounce of gold which with proper value addition could get about 200 billion dollar economic opportunities.
“Artisanal miners would add value and impact on employment at rural and urban level. The launch offers opportunities with raw materials acquisition programme, gold buying programme and Precious metal buying programme.”
Ifie Sekibo, the managing director of Heritage bank at the launch said the initiative would spur an inclusive diversification and pathway into job and wealth creation. “As a bank, we want to play a key role in operationalisation and development of the solid mineral sector in the country.
Leave a Reply