The Senate yesterday passed for second reading, a bill which seeks to provide a robust legal framework for harnessing, exploitation and marketing of gold which is about 600, 000 tonnes in reserves in the country worth $45 billion.
The bill titled: “Nigerian Gold Reserve Bill, 2024” was sponsored by Natasha Akpoti-Uduaghan, PDP-Kogi Central.
Akpoti-Uduaghan in her lead debate 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,” she said, adding that “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 regard to our gold resources.”
