in Short

Nigeria Government hopes to raise $ 500 million in annual revenue from gold sector through reforms

Nigeria hopes to raise $ 500 million in annual revenues from the gold sector through reforms undertaken by the government, said Head of State Muhammadu Buhari. According to the Nigerian president, illegal gold mining cost the federal government $ 3 billion between 2012 and 2018. “To put an end to the bleeding, a process of regulation of the sector was launched, including the creation of gold buying centers and the establishment of a tax on the trade of the precious metal”, noted M Buhari. Gold refineries are also under construction in the country and their production, in addition to building up reserves for the Nigerian Central Bank (CBN), will be exported in order to earn foreign exchange, he said.

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