Senate : Bill On Gold Reserves Passes 2nd Reading

The Senate has passed for second reading, a bill for an Act to make provision for the Nigeria Gold Reserve Industry.

The bill sponsored by Senator Natasha Akpoti – Uduaghan representing Kogi Central, seeks for a robust framework for the harnessing exploitation and marketing of gold which is about 600, 000 tonnes in reserves in the country worth $45billion.

Senator Natasha in her lead debate on the bill explained that the proposed Act presents a significant opportunity to drive economic growth and diversification by creating a conducive environment for investment in the gold sector, stressing that it can attract both domestic and foreign investors, stimulate job creation, and boost revenue in the country.

The lawmaker told her colleagues that the proposed legislation will incorporate stringent regulations to minimize 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) that will be charged among other things, with the administration of Nigerian Mining Act with regards to our gold resources”.

Virtually all the Senators who contributed to the debate on the bill, supported it as the 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 Naira, which, according to him, could even appreciate tremendously without foreign investment.

James Itodo, Edited By Grace Namiji