The Senate on Wednesday passed for a second reading, a bill for an act to make provision for the Nigerian gold reserve industry.
The bill, sponsored by Senator Natasha Akpoti-Uduaghan (PDP, Kogi Central), seeks a robust framework for the harnessing, exploitation and marketing of gold, which has about 600,000 metric tonnes of reserves in the country worth $45 billion.
Senator Natasha, in her lead debate on the bill, said: ” The proposed legislation presents a significant opportunity to drive economic growth and diversification by creating a conducive environment for investment in the gold sector, that can attract both domestic and foreign investors, stimulate job creation, and boost revenue streams for the government.
“It incorporates stringent regulations to minimise the ecological footprint of gold mining and processing activities.
“By adhering to international best practices in gold mining and trading, the Nigerian Gold Reserve Bill positions Nigeria as a reliable and responsible player in the global gold market, which will enhance our competitiveness on the international stage and strengthen investor confidence in our gold industry.
“Specifically, the bill seeks to establish the Nigeria Gold Authority, NGA, which will be charged, among other things, with the administration of the Nigerian Mining Act with regards to our gold resources.”
Virtually all the senators who contributed to the debate on the bill supported it as required legislation that would unlock the full value of Nigeria’s gold reserve for the benefit of all Nigerians.
Senator Solomon Olamilekan Adeola (APC, Ogun West) in particular, said the bill, when passed into law, would shore up the value of the naira, which, according to him, could even appreciate tremendously without foreign investment.
Senate moves to strengthen Nigeria’s position in the global gold market