Nigeria’s first gold refinery, located in the southwestern state of Ogun, is scheduled to be completed by the end of June 2019, according to Kian Smith Trade & Co Ltd., the local company developing it.
The refinery will initially be able to produce 3 metric tons of gold each month, and 1 ton of silver, Kian Smith said in a statement. The company said it will supply the nation’s central bank, as well as the jewelry and electronic industries, and source its gold from states such as Zamfara, Kebbi and Kwara.
According to Teriba, the refinery when completed will provide more than 500,000 jobs in two years as it continues to support its suppliers in their bid to become registered business entities in the mining sector. “There’s at presently at least 1,000,000 unregistered business participants in the Nigerian market (considering gold miners, sponsors, dealers, processors, aggregators and gold-workers).
The formalization, organization and development we bring to the value chain will provide quick wins to the Nigerian economy,” Teriba said. Also speaking, the Governor of Ogun State Sen. Ibikunle Amosu, who was represented by the Commisoner for Agriculture Adepeju Adebajo expressed enthusiasm about the refinery project which she said was in line with the state government’s industrialization plan. According to her, the project is a major boost to the Nigerian mining sector. “Apart from the fact that the strengthening of our mining industry will reduce importation of refined products, it will go a long way in affirming our country’s status as a world mining power.”