During a brief organised by the Steering Committee and Management Team of the Presidential Artisanal Gold Mining Development Initiative (PAGMI) at the State House Abuja, the Federal Governent disclosed the loss of $5bn to gold smuggling activities in Nigeria. This values is equal to the sum of ₦2.05trillion of exchange rate in Central Bank of Nigeria.
Dr Uche Ogar, The Minister of Mines and Steel Development made the disclosure and also assured that the government is taking steps towards ensuring the situation is under control.
The President, Muhammadu Buhari directed PAGMI to provide a six-month progress report on the Solid Minerals Development Fund, designed to capture accruals from investments in the sector. He also instructed PAGMI to intensify operations in the mining sector by ensuring investments go beyond artisanal and small-scale levels.
Femi Adesina, the Special Adviser to the President on Media and Publicity noted this, in a statement titled, “Ramp up operations in solid minerals sector, President Buhari directs PAGMI, calls for six-month progress report.”
The President also stated that, all stakeholders should put a seal on the ongoing assignment of recommending a portion of accruals to be dedicated to the Solid Minerals Development Fund to generate a sustainable income stream which will enable them deliver the mandates assigned to the Fund.
“The development of a sustainable stream for the Fund will conclude the implementation of the Funds’s Establishment Act, which is a key focus area for this administration.This initiative is of great pride to me because through our intervention we can reach hardworking nigerians in the field, toiling and the quarries under the sun trying to earn an honest living.
“We have been able to protect them from clutches of those who exploit their hard labour, while simultaneously bringing them into the value chain to earn improved income from their hard work. I expect a six-month progress report that will clearly show significant progress by scaling up the programme from its current pilot stage,” he said.
Buhari charged the initiative to make sure the Solid Minerals Development Fund fast-tracks delivery of other directives to support the Presidential Fertiliser Initiative, Buhari commended the Steering Committee and Management team under the leadership of the Chief of Staff, Prof Ibrahim Gambari, as chairman, as well as the Governor of Kebbi State, Abubakar Bagudu as the vice chairman of the Steering Committee, and the Governor of the Central Bank of Nigeria, Minister of Finance, Budget and National Planning, for their efforts.
Notably, Ogar, who led the delegation said since the validation of the initiative by the President, PAGMI had created the opportunity for formalisation and mainstreaming of artisanal miners, giving them the economic opportunity to live.
Ogar added that, $5bn worth of gold have been illegally smuggled out of Nigeria between year 2012 and 2018.
During the briefing, Fatima Shinkafi, the Executive Secretary/Chief Executive Officer of the Solid Mineral Development Fund, proposed that, the President, among others, increase the capitalisation of the Fund to spread out to other states requesting its intervention which would enable the committee to hit its five-tonne target.
Shinkafi also seek for support on the funding of the targeted explorations to catalyse private sector investment and transform PAGMI into a large-scale operator to sustain the initiative.
She also mentioned that, the Responsible Mining Framework which met international standards, was produced in conjunction with other stakeholders like NEITI,EFCC, and the Nigerian Customs Service.
According to her, the document will eliminate criminality, child labour, lead poisoining, sabotage in the economy and the financing of terrorism.