General
Nigeria Targets $500m Annually from Gold Mining
By Dipo Olowookere
If gold mining operations are improved in Nigeria, not less than $500 million can be generated by the federal government from the sector in taxes and royalties.
This was the submission of President Muhammadu Buhari on Thursday in Abuja when he received the locally mined gold bars presented to him by the Presidential Artisanal Gold Mining Development Initiative (PAGMDI).
A statement issued by the Special Adviser to President on Media and Publicity, Mr Femi Adesina, stated that the President further said the sector could also generate no fewer than 250,000 jobs if the necessary policies and actions are taken.
During the presentation, Mr Buhari was quoted as reaffirming his administration’s commitment to establishing gold refineries in Nigeria.
According to the President, this laudable initiative would support efforts at the creation of jobs for Nigerians, diversifying the revenue base, and improving foreign exchange reserves.
Reiterating the determination of the federal government to combat illegal mining activities, he expressed concern that Nigeria lost close to $3 billion from 2012 – 2018 due to illegal smuggling of gold.
“With the implementation of the PAGDMI scheme which will result in the set-up of accredited gold buying centres across key mining areas, artisanal miners and SMEs engaged in mining will be able to capture the value of their work.
“These operations will help in diversifying our revenue base. The sale of gold by artisanal miners and SMEs at accredited centres will help the government in realizing royalties and taxes from the sale of these assets.
“These developments will also help in improving our foreign reserves by enabling the Central Bank of Nigeria to increase the amount of gold in its reserves.
“These gold assets which will be purchased in Naira, will not only help to bolster our international reserves, it will also provide a hedge against inflation and other economic volatilities associated with foreign currencies that are held in our reserves,” President Buhari was quoted as saying in the statement.
He noted that in addition to the potential revenue gains that will occur from mining operations, efforts are being made to enable the setting up of gold refineries in Nigeria.
Mr Buhari expressed optimism that these measures would lead to the creation of additional job opportunities across the gold value chain and also help the nation capture the additional value created from the gold refining process.
On environmental degradation, the Nigerian leader pledged that the government would pay close attention to safety and environmental measures to protect workers and the environment.
He also used the occasion to commend all stakeholders involved in the PAGMI for their painstaking efforts in developing a programme aimed at improved sourcing and refining of high-quality gold bars, derived from minefields in Nigeria.
President Buhari recalled that the PAGMI, which was launched in 2019, was well-timed, considering the impact of COVID-19 on the global economy and indeed on the Nigerian economy.
He said the impact of COVID-19 and the containment measures designed to slow the spread of the virus, had led to a slowdown in global growth, which is projected to decline into negative territory for the first time since the Great Depression.
“It has also led to a 40 per cent drop in crude oil prices. In Nigeria, the drop in crude oil prices has had a significant impact on government revenue, as well as on our foreign exchange earnings.
“In responding to this challenge, it is, therefore, paramount that we strengthen our efforts at implementing policies and programs that will enable a greater diversification of the Nigerian economy.
“Enabling investment in the Solid Mineral sector is a key part of the government’s economic diversification program.
“Given our current estimated gold reserves of over 200m ounces, most of which have not been exploited, developing sustainable programmes that will catalyse increased investment in the extraction and refining of gold sourced from mines in Nigeria, is indeed vital,” he said.
Emphasising the benefits of the PAGMDI, the President explained that it will support job creation efforts particularly for artisanal miners, by providing them with a guaranteed offtake by the Central Bank of Nigeria (CBN).
Furthermore, he said efforts are being made to support artisanal miners in improving the standard of the gold that will be sold to the apex bank, in order to ensure that they meet international benchmarks.
According to him, the initiative will enable the deployment of financing schemes that will help miners improve on the quality of their mining operations.
“The gold buying program by the Central Bank will ensure that artisanal miners are no longer subjected to the volatility in gold prices that occurs in the absence of credible off-takers, which has often led to a significant loss in the value of gold sold by miners, as well as in encouraging illegal smuggling,” he said.
By Dipo Olowookere
The younger sister of the former Minister of Power, Mr Adebayo Adelabu, Mrs Olaide Busayo Adegoke John-Paul, has been rescued by officials of the Nigeria Police Force (NPF).
The woman was freed from her kidnappers along with her twin sons, Peter and Paul, on Saturday evening.
They were abducted on Wednesday morning while the former employee of the Central Bank of Nigeria (CBN) was taking her children to school in Ibadan, Oyo State.
The unfortunate incident reportedly occurred at about 7:30 am on June 3, 2026, throwing residents of the area into panic. The 43-year-old mother was taken from her vehicle by the gunmen and driven away with her 12-year-old twin sons.
This evening, in an operation by security operatives, the victims were rescued, while two of the suspected kidnappers were fatally shot in a gun duel, and two firearms were recovered from the gang.
The police are now combing the area where the rescue operation took place to apprehend some of the fleeing kidnappers, who are believed to have escaped with gunshot wounds.
The news of the rescue of the kidnapped victims has thrown the family of the former Minister into a frenzy.
By Modupe Gbadeyanka
The federal government and the Honeywell Group are strengthening a partnership aimed at achieving sustainable development in Nigeria.
The company on Thursday held a meeting with the Minister of Interior, Mr Olubunmi Tunji-Ojo, in Abuja. Both parties explored ways to promote economic development, reaffirming the importance of public-private sector cooperation in advancing Nigeria’s development agenda and improving service delivery for citizens.
The Senior Adviser to the Honeywell Group, Mrs Oduwaye Nsidi-Sakiri, reaffirmed the organisation’s commitment to supporting national development through constructive engagement and collaboration.
“We commend the remarkable progress that has been made. These achievements are a reflection not only of leadership but also of the dedication and hard work of the entire team within the Ministry,” she said.
She explained that the visit reflected Honeywell Group’s longstanding tradition of maintaining proactive and constructive relationships with government institutions, regulatory agencies, and other key public-sector stakeholders. She further expressed the group’s willingness to explore opportunities for collaboration in support of government initiatives and national development objectives.
Also speaking, Honeywell Group Chief Operating Officer, Mrs Tomi Ayo-Tugbo, commended the Ministry for reforms that are delivering tangible improvements in the lives of Nigerians, reiterating the firm’s commitment to supporting the country’s growth and prosperity.
On his part, Mr Tunji-Ojo praised the company for its longstanding contributions to Nigeria’s economy and acknowledged the critical role of the private sector in driving economic growth, creating jobs, and supporting national development.
He further assured the delegation of the Ministry’s readiness to engage with stakeholders and collaborate with responsible corporate organisations in advancing initiatives that promote economic development, innovation, and improved service delivery.
The Minister emphasised that the reforms being implemented across the Ministry and its agencies are designed not only to improve operational efficiency but also to strengthen national security and enhance public confidence in government institutions.
“Our goal is to build institutions that work efficiently for the people. We are committed to creating systems that are transparent, technology-driven, and capable of delivering services in a manner that reflects the aspirations of a modern Nigeria,” he stated.
“The government cannot achieve sustainable development alone. Strong partnerships between the public and private sectors are essential to building a prosperous nation. We value organisations such as Honeywell Group that have consistently invested in Nigeria and contributed to the country’s growth over several decades,” Mr Tunji-Ojo added.
By Adedapo Adesanya
The federal government has directed that no new public contracts should be awarded without first getting the funds, as part of efforts to improve project delivery across the country.
Director-General of the Bureau of Public Procurement (BPP), Mr Adebowale Adedokun, disclosed this on the sidelines of the Inaugural Hosting of The Procurement Evolution in Abuja on Thursday.
Mr Adedokun said President Bola Tinubu had approved measures to raise resources needed to settle outstanding obligations to contractors, describing timely payment as critical to an efficient procurement system.
“Mr President has given a directive on when funds should be raised to address the concerns of contractors who are yet to be paid. With this, procurement processes will be much better because payment is now tied to procurement.
“Meaning that no award will be further issued without resources or funding available. So these are the things that the President has asked us to do.”
The BPP boss said the government was also implementing 23 procurement reforms aimed at improving transparency, efficiency and value for money in public spending.
According to him, committees to drive the reforms will soon be inaugurated by the Secretary to the Government of the Federation (SGF).
He said the reforms were designed to ensure that Nigerians benefit directly through improved infrastructure, healthcare, education and better living conditions.
“The president wants Nigerians to feel the effects of this transformation by having good roads, good hospitals, good educational institutions, and a good living wage for all workers.”
The Secretary to the Government of the Federation (SGF), Mr George Akume, said public procurement remained central to the Tinubu administration’s Renewed Hope Agenda.
Mr Akume noted that ongoing reforms, including proposed amendments to the Public Procurement Act 2007, the Nigeria First Policy, Nigeria e-Marketplace initiative, community-based procurement and affirmative procurement programmes, were intended to strengthen local industries and promote economic inclusion.
The SGF, represented by Mr Abubakar Kana, Permanent Secretary, General Services Office, Office of the SGF, added that the reforms would enhance transparency, simplify procurement processes and leverage technology to improve service delivery and national development.
“As we move forward, our collective responsibility is very clear.
“We must ensure that procurement processes are simplified. without compromising accountability, that technology is fully leveraged to eliminate inefficiencies and that all stakeholders work collaboratively to achieve shared national goals.
“The federal government remains fully committed to supporting the Bureau of Public Procurement in driving these reforms and ensuring that public procurement becomes a catalyst for economic growth, infrastructure development and improved quality of life for all our citizens.”
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