Lagos — In a bid to diversify the economy away from crude oil, the federal government has licensed two gold refineries.
Minister of Mines and Steel Development Olamilekan Adegbite on Thursday, said the refineries will produce the metal for export and for the central bank to hold in its reserves.
The licenses had been issued already and the central bank would be the main licensee, he added
“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 and the other in Ogun state.
Nigeria’s first gold refining license was issued in 2018 to local firm, Kian Smith Trade & Co- it begins operations in 2020.