In a significant move to harness Nigeria’s gold reserves, Senator Natasha Akpoti-Uduaghan’s bill has scaled second reading in the Senate. The bill aims to establish a robust framework for the gold industry, ensuring responsible and sustainable practices that benefit the economy and communities.
Senator Akpoti-Uduaghan emphasized the importance of gold reserves in maintaining economic stability, citing the decline of the Naira’s value since it was decoupled from gold. She noted that central banks globally have increased gold reserves to hedge against currency volatility and geopolitical risks.
The bill seeks to strengthen Nigeria’s position in the global gold market, establish the Nigeria Gold Authority, and enhance gold exploitation and sales within Nigeria. It also aims to diversify Nigeria’s reserve base, create jobs, and drive economic growth and diversification.
The bill received widespread support from senators, who recognized its potential to contribute to Nigeria’s economic growth and development. Some senators suggested additional measures, such as capital punishment for illegal gold mining offenses.
The bill’s passage is a significant step towards harnessing Nigeria’s gold reserves and promoting economic stability.
Babatunde Adesanya.
LV