The Potential of Nigeria’s Gold Reserve Industry: A Game Changer for Economic Growth
The Senate recently passed a bill sponsored by Natasha Akpoti-Uduaghan, aiming to revolutionize Nigeria’s Gold Reserve Industry. With an estimated 600,000 tonnes of gold reserves valued at $45 billion, the bill seeks to establish a framework for the efficient exploitation and marketing of this precious resource.
Natasha emphasized how this legislation could drive economic growth, attract investors, create jobs, and boost government revenue. By implementing strict regulations to mitigate environmental impacts, Nigeria can position itself as a reputable player in the global gold market.
Citing examples from BRICS countries, Natasha highlighted the economic benefits of strategic gold reserve management. The bill also aims to establish a Nigeria Gold Authority to oversee mining activities and maximize the sector’s potential.
The Senators overwhelmingly supported the bill, recognizing its potential to enhance Nigeria’s non-oil revenue and strengthen the national currency. Senator Adeola even suggested that the legislation could lead to a significant appreciation of the naira without foreign investment.