Gold refinery
Representational Image of a Gold Refinery Flickr

Olamilekan Adegbite, minister of mines and steel development, recently announced that Nigeria will soon begin refining gold, gemstones, and other mineral resources in all six of the country's geopolitical regions.

Adegbite, stated this when he appeared on the News Agency of Nigeria (NAN) Forum in Abuja.

He said that six plants were being set up in different regions to process the mineral resources that had been deposited there.

"Before now, our gold was being exported in its raw form for nearly nothing to foreign countries for processing and we end up buying them expensively," he added. "We have trained people who will make jewelry and will be residents in the plant."

Similar plants had been set up in the northeast for processing kaolin, while in the North-central, Kogi State had been chosen for the establishment of a gold smelting plant, according to Adegbite.

The minister announced that a baryte processing plant has been established in the South-south region of Nigeria. He further explained that Nigeria imports barytes to the tune of 300 million dollars every year.

This is a significant development that will help boost the Nigerian economy, employment, and investment, Adegbite said.

According to Future Market Insights, the global gemstone market is currently worth $30.8 billion and is projected to hit $ 53.1 billion by 2032.

Nigeria is said to be losing $3 billion annually to illegal trades in gemstones, prompting the federal government to take action against these illegal activities. The government plans to develop a policy that will make it a criminal offense to export solid mineral deposits in their natural state without value addition.

Olamilekan Adegbite had said in Lagos that under the policy, the Central Bank of Nigeria will act as an off-taker to purchase refined gold produced by indigenous miners.