FG grants first gold-refining licence

FG grants first gold-refining licence
Udo Udoma

The Minister of Budget and National Planning, Udo Udoma, on Monday, said the Federal Government has issued the first gold refining licence.

According to the minister, this is as a result of the many outcomes of the Economic Recovery and Growth Plan (ERGP) focus labs.

Udoma made this known while speaking at the 24th Nigerian Economic Summit (NES24) in Abuja.

He noted that the primary objective of the Economic Recovery and Growth Plan (ERGP) was to get Nigeria out of recession, stating that the plan has achieved that primary objective.

Udoma said the Federal Government issued the first gold refining licence in Nigeria to Kian Smith Limited.

He said, “As an outcome of the ERGP focus labs, we have also been able to accelerate the development of the national gold development policy and the establishment of a Federal Gold Reserves Scheme in Nigeria.

“Today, I am happy to inform us that the first gold refining licence has been issued to a company called Kian Smith Limited, which was one of the companies that participated in the labs.

“The Federal Government is finalising modalities to purchase gold from local refiners, via a Federal Gold Reserves Scheme.”

According to its own records, Kian Smith is a Nigerian company, registered seven years ago, with focus on minerals, commodities, and marine services company.

Udoma said a local automobile assembly plant is being supported to double its delivery in Nigeria, driving economic growth in the country.

The minister said this was part of government’s action on the feedback from businesses and investors who participated and drove conversations at the 23rd Nigerian Economic Summit (NES23).

Also present at the 24th edition of the summit is Vice-President Yemi Osinbajo, representing President Muhammadu Buhari.