How we’re harnessing supply value chain in gold production, by Buhari

* Says Africa presents a huge opportunity for export-based economic diversification

Isola Moses | ConsumerConnect

As the African continent currently presents a huge opportunity for the nation’s export-based diversification, President Muhammadu Buhari has restated the strategic importance of the development of Nigeria’s mining and steel development sector of the economy.

President Buhari, who disclosed this in his nationwide broadcast on the commemoration of Democracy Day Friday, June 12, 2020, said the efforts at growing non-oil exports have started to yield some results.

According to the President, with the support of the Micro, Medium and Small Enterprises (MSMEs) in the economy coupled with foreign and domestic investments and the active participation of small-scale (artisanal) miners, “we are harnessing the supply value chain in gold production.”

Raw Gold 

“We would also be launching a fully digitised mineral rights management platform for quick processing of mineral rights application, digitisation of records and plugging revenue leakages,” Buhari stated.

According to the President, “in the past year, our revenue from Cocoa and Sesame Seed increased by $79.4 million and $153 million.

“Africa presents a huge opportunity for our export-based diversification and we are developing our strategy to grow intra-Africa trade through the Africa Continental Free Trade Area Agreement.”

The country also has risen by 25 places on the World Bank’s Ease of Doing Business ranking from 146th to 131st, as it is now rated as one of the 10 top reforming countries, he said.

Buhari attributed the development to the Visa on Arrival policy, consistent promotion of initiatives that expand facilities available to Micro Small and Medium Scale Enterprises, robust electronic registration and payment system, seamless processing of business registration and reduction of cost of registering business by 50%.

He further stated: “We are confident that ongoing efforts would result in further improvement of this rating.

“We remain committed to expanding our mining sector. To this end, I have directed the resuscitation of the Ajaokuta Steel Plant, based on Government-to-Government financing and a public-private sector financing.”

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