By Musa Sunusi Ahmad

Nigeria has for the first time refined its own gold and purchased the refined product into a new gold reserve.

On Thursday, the Central Bank of Nigeria (CBN) presented a cheque of N268 million for the country’s first artisanally-mined and refined gold. The cheque was presented to the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) on Thursday at the launch of the gold purchase programme in Abuja.

The 12.5kg gold bar was processed and refined according to the London Bullion Market Association (LBMA) standards required for the use of gold as a reserve instrument by the CBN, officials said.”

Great move, we have to fully support the Nigerian government on this. Gold producers in the African continent, particularly in West Africa, have just been producers and exporters of raw gold. They’re exported to UAE and Europe, where they’re refined and stocked in reserves of their Central Banks. West African gold producers can start with clean gold from artisanal and small scale miners. It’ll provide significant boost to the various economies. Remember: gold price is on the rise and could reach $3,000 per ounce in 3 years time. This is an easy opportunity for the countries to grab.

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