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| Osinbajo, Sekibo. |
The Federal Government of
Nigeria has commended Heritage Bank for being part of a valuable private sector
collaboration with Dukia Gold & Precious Metals Refining Co. Ltd, saying
such partnership stands to create new opportunities for Nigeria to grow its potential
reserves of 200 million ounces of gold.
The Vice President, Yemi
Osinbajo, disclosed this during a Zoom- meet & chat session, a virtual
platform at the launch of nationwide Dukia-Heritage Bank Gold & Precious
Metals Buying Centres held yesterday, affirming that the launch of this
expansive project between Heritage Bank and Dukia Gold would enable Nigeria to
mine reserves properly, trade responsibly, refine locally and boost the
nation’s foreign reserves.
He stated, “What we are
looking at here is an extremely valuable new source of trade, jobs and foreign
exchange as “This project will create primary employment for local artisanal
miners and mining cooperatives, 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.
“The positive multiplier
is expected to extend even further than this as the Dukia Gold project will
also encourage the emergence of smaller-scale mining companies who, for the
first time, will now have a transparent and welcoming market for their mined
gold and precious metals. This is set to create jobs and unleash the economic
potential of mining communities.”
Osinbajo further counted
the enormous benefits of the project, “This provides a sustainable way for
Nigerians to exchange their gold jewellery and other precious items for cash.
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 the
Dukia Gold & Precious Metals Refining Company. These buying centres will
also enable the responsible management of some of electronic waste.”
Meanwhile, the project
would further drive the diversification of the nation’s economy, Heritage Bank
Plc, Dukia Gold which have given birth to a new gold and precious metal market
that will grow the mining industry’s contribution to gross domestic products to
over 10% by 2026.
Records have shown that
the growth of mining production at the end of 2019 in Nigeria was 0.1% and the
sector still contributes less than 0.5% of GDP compared to other African
economies who are strong in mining like Botswana (38%), Democratic Republic of
Congo (25%), South Africa (18%), Zambia (18%), Guinea (12%) and Ghana (7%).
However, the MD/CEO of
Heritage Bank Plc, Ifie Sekibo stated that the partnership that would boost the
mining industry production have given birth to a new market, a platform that
will contribute immensely to the transformation of Nigeria’s economy.
According to him, the
operationalization of this initiative aligns with the overall Economic
Transformation Agenda of the Federal Government of Nigeria especially as it
relates to the full stream diversification of the Nigerian economy, job and
wealth creation, development of the solid mineral space amongst others.
Sekibo affirmed, “It is
our believe that as the economy of Nigeria is being recalibrated, given the
impact of the global pandemic, the government’s committed aspiration to build a
robust and resilient economy will be further enhanced through the
operationalization of this initiative working with all stakeholders across
States and Government Parastatals, the Central Bank, Private Sector and other
international actors towards the development of the solid minerals sector and
its appendages.”
He explained that this
would enhance a regulated market that would see precious metals and other
commodities take centre stage in endeavour to ensuring irreversible economic
growth and development in alliance with a modernized Exchange for commodities
trading in Nigeria.
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