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Business News of Tuesday, 25 February 2020

Source: www.mynigeria.com

FG to invest in local mines, buy locally produced gold

Goldmine Goldmine

The Central Bank of Nigeria has completed plans to buy up gold produced by Nigerian miners at international prices.

This is to stop smuggling and exploitation of local miners by foreign merchants.

In addition, the Federal Government has begun the registration of artisanal miners, following the commencement of the Presidential Artisanal Gold Mining Development Initiative Biometric Exercise.

The registration exercise was flagged off in the Yauri Local Government Area of Kebbi State on February 22.

The exercise, which is supported by the Central Bank of Nigeria, is in line with a plan to formalise and integrate artisanal and small-scale gold mining activities in the country.

The Presidential Artisanal Gold Mining Development Initiative is a support programme for Nigerian gold miners, with Kebbi and Osun states serving as pilot states.