Business

Gold: NACCIMA projects $500m revenue from royalties

…says initiative capable of creating 250,000 jobs

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has disclosed that Nigeria stands the chance of generating about 250,000 jobs and over $500 million in taxes and royalties from the Presidential Artisanal Gold Mining Development Initiative (PAGMI) recently launched by the Federal Government.
Also, the Chamber commended President Muhammadu Buhari for the initiative, saying it was a bold one to truly diversify the economy by tapping fully into the mining sector.
Director-General of NACCIMA, Amb. Ayoola Olukanni, made these known to this newspaper while reacting to the recently-launched programme in Abuja.
He explained that with the PAGMI launched, the country’s mining sector could grow exponentially and contribute as much as $27 billion to gross domestic product (GDP) by 2025 as envisioned under the Federal Government mining sector road map.
The NACCIMA DG stated that PAGMI was designed by the present administration to foster the formalisation and integration of artisanal gold mining activities into the nation’s legal, economic and institutional framework.
According to him, the association described the move as truly laudable and that the initiative will deploy safer and more efficient mining and processing technologies across artisanal mining locations across the country, with focus on states, which are endowed with vast gold deposits.
He said: “NACCIMA sees the presentation by President Buhari of the 12.5kg gold bar reportedly worth N268 million to the CBN Governor for the nation’s reserves, as a visible evidence of the potential to significantly scale up contribution of the Nigerian mining sector to the economy.
“Also worthy of note is the indication that PAGMI, with its safe modern operations, can generate about 250,000 jobs and over $500 million in taxes and royalties.
“The association views this as possibility of achieving the goals, in the 2016 roadmap for the growth and development of the mining industry and that indeed if vigorously pursued, activities in the mining sector can grow exponentially and contribute as much as $27 billion to GDP by 2025 as envisioned under the road map.”
While NACCIMA welcomes this positive indicator, the qssociation, however, called for greater involvement of the private sector and especially chamber members in states with gold deposit in the implementation of the initiative.
“The association views PAGMI as a bold initiative and concrete step, to truly diversify the economy by tapping fully into the mining sector and advices that government should encourage the private sector through various incentives to play its role in this direction and chamber members of NACCIMA are poised and ready to do their part including through public-private partnership (PPP).
“As a national chamber with focus on the mining sector as one of the priority areas of its operations, NACCIMA has commenced steps to be part of the initiative and is encouraging chamber members, especially those in the gold mining states identified for the pilot scheme namely; Kebbi, Osun, Kaduna, Zamfara and Niger States to key into the scheme,” Olukanni added.
He stressed that the prime objective of involvement and encouragement of chamber members from the mining states is to expand the scope for the private sector to also participate actively in the national gold purchase programme encapsulated in the PAGMI.

 

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