The Federal Government on Monday announced that it had issued the first gold refining licence to a firm known as Kian Smith Limited.
Revealing this at the ongoing 24th National Economic Summit in Abuja, Minister of Budget and National Planning, Senator Udo Udoma said 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.”
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.