FG issues licence for gold refining

The Federal Government on Monday announced that the country
would soon commence the refining of gold as it had issued the first
gold refining licence to a firm known as Kian Smith Limited.

According to the Minister of Budget and National Planning,
Senator Udo Udoma, the Federal Government will also commence the
purchase of gold from local refiners, adding that these were
outcomes of the recent Economic Recovery and Growth Plan Focus
Labs.

Udoma, who spoke at the ongoing 24th Nigerian Economic Summit in
Abuja, said, “As an outcome of the ERGP Focus Labs, we have also
been able to accelerate the development of the National Gold
Development Policy and the establishment of a Federal Gold Reserve
Scheme in Nigeria.

“Today, I am happy to report that the first gold refining
licence has been issued to a company called Kian Smith Limited,
which was one of the companies that participated in the labs.
Indeed, the Federal Government is finalising modalities to purchase
gold from local refineries via a Federal Gold Reserve Scheme
subject to international standards ,such as the London Bullion
Market Association.

“This accelerated development of the National Gold Development
Policy by the Ministry of Mines and Steel Development, and the
progress recorded in implementing the Federal Gold Reserve Scheme
by the Central Bank of Nigeria, are direct solutions to issues
presented by investors at the ERGP Focus Labs.”

He explained that the government conducted sector-specific focus
labs, with the objective of addressing any bureaucratic issue
investors might face in setting up projects in Nigeria.

“These labs were held earlier this year. The main labs were held
from 13th of March to the 21st of April, while the post labs work
continued to the 12th of May. The labs were conducted in three work
streams, namely agriculture and transportation; manufacturing and
processing; and power and gas,” Udoma added.

He stated that as part of the lab process, the government was
able to assist Brass Fertiliser and Petrochemical Development
Company in obtaining expedited issuance of various approvals that
were required by its financiers from multiple government
agencies.

“Brass Fertiliser is a very large multibillion dollar
petrochemical plant positioned to be one of the largest consumers
of gas in the country within the next five years. If this project
succeeds, it could create up to 20,000 direct and indirect jobs,”
the minister said.

He further stated that during the labs, investors interested in
agriculture were assisted to obtain farming land from some state
governments, adding that a local automobile assembly in Imo State,
Autodex Limited, was being supported to double its capacity for the
production of farm tractors.

Commenting on the theme of this year’s economic summit, ‘Poverty
to Prosperity: Making Governance and Institutions Work’, Udoma
stated that it had provided another opportunity for the government
to examine the progress being made in the achievement of the
programmes, policies and objectives of the ERGP.

In his address, Peter Lewis, who was the keynote speaker from
John Hopkins University, told delegates and government officials at
the summit that for Nigeria to exit poverty, its leaders must
address the adverse policy syndrome.