Senate Pushes for Nigeria Gold Reserve Bill to Boost Investment, Revenue

By Adedapo Adesanya 

The Nigeria Gold Reserve Bill, a piece of legislation intended to change the country’s economic story, has passed the Senate on its second reading.

The bill, sponsored by Mrs Natasha Akpoti Uduaghan, the lawmaker representing Kogi Central senatorial district, was debated on Wednesday, June 5, 2024, and passed the second reading.

“On Wednesday, June 5, 2024, I had the honour of debating my very first bill, the Nigeria Gold Reserve Bill and with the progressive support of all senators, the Bill passed the second reading,” Mrs Uduaghan said in a statement.

If the bill is signed into law, it will create the Nigeria Gold Authority, rewrite the rules for resource exploration, extraction, and incentives, create and oversee the Gold Reserve Development Fund, regulate artisanal gold miners, foster community development, and protect and restore the environment.

The lawmaker also said the Act would bolster the Central Bank of Nigeria’s (CBN) role through the Gold Reserve Management Instrument, expand the Ministry of Solid Minerals’ responsibilities, and address offences, penalties, and dispute settlement.

According to Mrs Uduaghan, the benefits of the Gold Bill include the diversification of the economy, foreign investment and revenue generation, employment creation, currency stability, infrastructure, development, environmental preservation, community development, global competitiveness, regulatory clarity and transparency, and strategic national reserve.

“Next is a public hearing jointly spearheaded by the Committees on Solid Minerals and Banking wherein stakeholders would be chanced to contribute towards developing relevant frameworks of regulations and laws that would ensure our Gold industry is established to profit citizens, communities and our beloved country, Nigeria.

“Lastly, I would appreciate comments as constructive contributions towards the context and content of the Gold Reserve Bill,” she said.