The Nigerian Senate said, it would work to strengthen the nation’s position in gold global market, even as it on Wednesday passed for second reading a bill to reserve gold industry.
The bill which was sponsored by Senator Natasha Akpoti-Uduaghan representing Kogi Central Senatorial District sought for a legal framework for exploitation, harnessing and marketing of gold which according to her, was worth $45 billion of about 600,000 tonnes in reserves in the country.
In the general principles of the bill, the lawmaker pointed out that the diversification of the economy away from oil would be real if the proposed bill on gold reserve was brought to life, noting that the environment was conducive for investment in the gold sector will drive economic growth and attract both domestic and foreign investors.
She explained that it will stimulate job creation, and boost revenue streams for the government.
“It incorporates stringent regulations to minimize the ecological footprint of gold mining and processing activities.
“Specifically, the bill seeks to establish the Nigeria Gold Authority ( NGA) that will be charged among other things, with the administration of Nigerian Mining Act with regards to our gold resources.
“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 strengthens investor confidence in our gold industry.”
In support of the bill, Senators who contributed were of the view that gold industry was over due to have a legislative framework that will regulate the industry.
Senator Solomon Olamilekan Adeola from Ogun State, said the bill when passed into law, would shore up the value of Naira which according to him, could even appreciate tremendously without foreign investment.
