FG establishes National Gold Reserve Scheme, issues first gold refining licence
By Emma
Ujah, Abuja Bureau Chief
The federal
government had established a Federal Gold Reserve Scheme, in pursuance of
its economic diversification programme.
Disclosing
this yesterday at the on-going National Economic Summit, the Minister of Budget
and National Planning, Sen.
Udoma Udoma, said the move was part of the
implementation of the Economic Recovery and Growth Plan (ERGP) with a view to
strengthening the nation’s macro-economy.
Udo Udoma
He stated:
“As an outcome of the ERGP focus labs, we have also been able to accelerate the
development of a National Gold Development Policy and the establishment of a
Federal Gold Reserve Scheme in Nigeria. Today, I am happy to report that the
first gold refining license has been issued to a company called Kian Smith
Limited, which was one of the companies that participated in the Labs.
“Indeed, the
Federal Government is finalizing modalities to purchase gold from local
refineries via a Federal Gold Reserve Scheme subject to international standards
such as the London Bullion Market Association. This accelerated development of
the National Gold Development Policy by the Ministry of Mines and Steel
Development, and the progress recorded in implementing the Federal Gold Reserve
Scheme by the Central Bank of Nigeria, are direct solutions to issues presented
by investors at the ERGP Focus Labs.”
Udoma added
that the during the Labs, investors interested in agriculture were assisted to
obtain farming land from some State Governments, to boost the agricultural
sector.
“Also
arising from the Lab process, a local automobile assembly firm in Imo State,
Autodex Limited, is being supported to double its capacity for the production
of farm tractors. This is just to mention a few of the projects arising out of
the Focus Labs.
“The ERGP
Delivery Unit is working hard to advance progress on many other potential
projects identified in the Labs. To keep the public informed of progress
arising from the Focus Labs the ERGP Delivery Unit has started producing a
monthly newsletter. The next one is scheduled for release within the next two
weeks,” he said.
The minister
said that the theme of this year’s Summit, “Poverty to Prosperity: Making
Governance & Institutions Work,” provided another opportunity for to
examine the progress made so far in achieving the programmes, policies and
objectives of the ERGP.
According to
him, “The ERGP specifically maps out strategies to improve governance by
institutionalizing transparency, accountability, fighting corruption, improving
security, reforming the public service, and strengthening coordination with
sub-national governments.
“We, at the
Federal level, are working closely with the States through the National
Economic Council (NEC) to strengthen the coordination required for enhanced
implementation of the governance components of the ERGP, including monitoring
the progress of States’ implementation of the 22-point Fiscal Sustainability
Plan (FSP).
“Furthermore,
we have, amongst other reforms, introduced a 4-year strategic plan for Civil
Service Reform which is being coordinated by the Head of Service. This aims to
drive innovation in service and institutionalise a performance management
system that is citizen oriented.”
Udoma also
explained that the President’s Executive Orders were to improve service
delivery and enhance transparency.
They
included the Executive Order on Promoting Procurement by Government Agencies;
an Executive Order on Improving Efficiency in the Business Environment; and an
Executive Order on Promotion of Nigerian content in contracts in Science,
Engineering and Technology.
The minister
added that the government of President Muhammadu Buhari had invested in, and
continued to invest in, several initiatives to improve the quality of
governance, improve transparency and reduce corruption.
“We know we
still need to do more – and we will continue to listen to suggestions. However,
I can assure you that this is a Government that is committed to do whatever is
necessary to move our people from ‘Poverty to Prosperity’. To achieve this, we
will continue to invest in our people. We will continue with our social
intervention and other programmes to ensure that no one is left behind. We will
continue to fight corruption so as to ensure that resources meant for the
development of our people are not diverted for selfish purposes.”
Under the
ERGP, the government conducted Focus Labs in three work streams, namely
Agriculture and Transportation; Manufacturing and Processing; and Power and
Gas. We have set up an ERGP Delivery
“As part of
the Lab process we were able to assist Brass Fertilizer and Petrochemical
Development Company in obtaining expedited issuance of various approvals that
were required by its financiers from multiple government agencies. Brass
Fertilizer is a very large, multi-billion-dollar petrochemical plant positioned
to be one of the largest consumers of gas in the country within the next 5
years. If this project succeeds it could create up to 20,000 direct and
indirect jobs,” the minister disclosed.
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