FG Licenses Two Gold Refineries – Minister

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President Muhammadu Buhari

Nigeria’s government has licensed two gold refineries to produce the metal for export and for the central bank to hold in its reserves, the mines minister said on Wednesday.

Minister of Mines and Steel Development Olamilekan Adegbite told reporters in the capital, Abuja, that licences had been issued and the central bank would be the main off-taker, holding some of the gold in its reserves.

“We have licensed two refineries in Nigeria. They will refine gold and of course produce bullion that the CBN [Central Bank of Nigeria] can buy at international prices,” he said.

He said one of the refineries was in Abuja, which is in the centre of the country, and the other is in the southwestern state of Ogun.

Adegbite did not provide any further details.

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