The Federal Government has raised alarm over the activities of cartels, which it said, are hindering gold mining and other mineral resources in the country.
Minister of Mines and Steel Development Arc. Olamilekan Adegbite, said the nation is constrained by the activities of a global ‘cartel group,’ which he explained, registers and accredits mining companies.
Adegbite, who spoke on Wednesday at a breakfast meeting organised by BusinessDay Newspaper, stated that no matter how refined a nation’s gold is, if it is not registered with the cartel group, it would not be recognised beyond her shores.
The minister, who was represented by Director, Artisanal and Small Scale Mining Department Ojeka Patrick, regretted that most minerals in the country were smuggled out illegally.
“Nigeria as a nation, we are disadvantaged by the fact that refining gold globally is run by a ‘cartel group’ whereby if you are not registered or accredited by those organs, then your product no matter how refined, will not be recognised,” he added.
The minister disclosed that the precious metal sector, which had been in doldrums for many years, have been reactivated, and commended Dukia Gold and Lagos Commodity and Futures Exchange (LCFE), for delving into the sector.
Managing Director of Business Day Media Limited, Dr. Ogho Okiti warned that the nation’s inflation rate might hit an unprecedented 20 percent high unless the Federal Government embarks on urgent economic reforms to strengthen the economy.