The Senate is finalizing a bill aimed at strengthening the Federal Government’s control over Nigeria’s gold reserves.
With an estimated 600,000 tonnes of gold reserves valued at approximately $45 billion, the proposed legislation, titled “A Bill for an Act to make Provisions for Nigeria Gold Reserve Framework And for Other Related Matters, 2024,” is sponsored by Sen. Natasha Akpoti-Uduaghan (PDP, Kogi).
The bill, which passed its second reading on June 5th, 2024, aims to establish a gold reserve authority responsible for implementing the Minerals and Mining Act to regulate the exploration and exploitation of Nigeria’s gold deposits.
Notably, the bill includes provisions for the Federal Government to acquire all land and property where gold reserves are found in commercial quantities across the federation.
It also proposes that All operators of the gold mining industry shall among other benefits, be exempted from paying customs and import duties in respect of plant, machinery, equipment and accessories imported specifically and exclusively for gold mining operations.
