The federal government has debunked media reports that it established a gold refinery in Lagos State.
According to the Minister of Solid Minerals Development, Dele Alake, the refinery is strictly a “private” business concern established by private investors who have found opportunity within the Nigerian solid mineral sector.
According to a media statement issued in Abuja on Sunday by the spokesman of the minister, Segun Tomori, “Dr Dele Alake was very clear, concise and emphatic in the announcement of the proposed inauguration of the refinery, that other gold refineries are in the works across the country and all privately-owned by different companies.”
The minister maintained that the newly established gold refinery was an initiative of Kian Smith, a fully privately-owned mining company, aimed at developing the local gold industry through innovative practices.
It noted that the federal government did not compel private companies to locate their operations in any particular part of the federation, as each firm has its own operational and marketing strategy to ensure profitability.
The federal government commended the company’s founder and managing director, Nere Emiko, for establishing the gold refinery, noting that the refinery reflects the solid minerals sector’s response to the value-addition policy introduced to discourage the export of raw minerals and to promote local processing and manufacturing.
The policy had spurred the conversion of raw mineral exports into processing facilities across the country, generating massive inflows of foreign capital and providing thousands of jobs for Nigerians, the statement said.
This included the $600 million lithium plant in Nasarawa, the $400 million rare-earth plant also in Nasarawa, and the $200 million ASBA lithium plant in Abuja.
The statement added that the Lagos gold refinery and similar projects were clear evidence of the effectiveness of reforms in the solid minerals sector.
“The Ministry of Solid Minerals Development shall continue to encourage more mining companies to set up processing and manufacturing plants across the country.
“We urge NEF to turn a new leaf and join the efforts of President Bola Ahmed Tinubu to build a stronger, self-reliant economy that meets the needs of the Nigerian people.”
